Lexingtonians To See Small Franchise Fee And Property Tax Hikes
LEXINGTON, Ky. - Slight increases in Lexington’s franchise fee on gas and utility bills and property taxes will have been approved the Urban County Council.
The franchise fee, which is assessed on utility bills, will go up by about $1 to $2 for a household paying $100 to $200 a month. That money will be deposited in the city’s general fund, which will in turn pay for streetlights. The city has roughly 500 streetlights set to be installed.
A small increase in property taxes will go toward street cleaning. Property owners will see that rate go up by 2.8 percent. That translates to an extra 44 cents a year for a homeowner with a house costing $165,000.
The franchise fee increase was part of Mayor Jim Gray's proposed 2014 budget and is projected to bring in generate $4 million each year in revenue.