Written by Marlena Lang, WCPO
The Newport Board of Education is considering a proposal that would lower property taxes for many residents.
The Newport School District’s current property tax rate is $9.64 per $1,000 of assessed property value. This year, the rate is set to be reduced again, to between 79.8 and 88.4.
However, this does not mean that everyone pays less.
“Property assessments in the neighborhood have increased by 20 to 30 percent, and even though we are lowering our rate, some homeowners may still be paying higher taxes,” said Tony Watts, superintendent of Newport Independent Schools.
But even with lower property tax rates, Newport schools would still collect about $1.1 million more due to rising property values.
And the top priority for property tax money? Completion of phases two and three of Newport High School’s brand new football stadium, beginning in 2022.
“Concessions and restrooms are phase two, and then our locker rooms come in phase three,” Watts said, adding that they plan to have phase two completed by this time next year.
In addition to the additional million dollars, Kentucky schools are allowed to request an additional 4% of their previous year’s revenue to offset inflation. These additional funds will allow the district to complete a number of projects and renovations and reduce debt.
“This time last year, we based our tax rate on what the PVA (Property Valuation Administrator) gave us, (and) they had overestimated the values, so we had to pay back almost $500,000,” Watts said.
Watts said they made budget cuts across the board after the loss, although teacher raises at the end of the year cost them nearly $500,000, leaving the district with some debt.
This story was originally published on WCPO.com.
Related
