LEXINGTON, Ky. - For the second year in a row, the Fayette County Public Board of Education has voted to raise the tax rate on local property.
Board members voted Monday to increase the school tax on real property to 67.4 cents per $100 value. That’s 2.2 cents higher than the previous tax rate, meaning the owner of a $100,000 house in Lexington can now expect to pay an additional $22 a year in tax for the school district.
“Ever decision comes back to the kids. What is it going to take to keep moving toward the goals that have been set by the board and superintendent? Most of our investment has to go into instruction, which is salaries,” says Rodney Jackson, director of financial services at FCPS.
Fayette County Public Schools will leave its tax rate on personal property, which affects local businesses, unchanged at 54.3 cents per $100.
Jackson says unlike most districts, FCPS does not get most of its funding from the state.
“We’re called a hold-harmless district, so therefore most of our money comes from local taxes. So if we don’t get the local dollars we get hit way worse than other districts do. Because that’s the only way we can survive.”
State law allows school districts to adjust tax rates. They can increase annual revenue by up to 4% through a local tax hike.