SHEPHERDSVILLE - Here's a little quiz: If X plus Y equals Z and if X increases what must happen to Y to get the same result for Z.
Unfortunately, the Bullitt County Public School Board knows that answer and it has happened the past few years.
But there is still some good news for property owners in Bullitt County.In analyzing the new tax assessments for real estate in the county, school board members will once again be required to lower the tax rate when bills are sent out in October.
Superintendent and finance director Keith Davis said that real property taxes when up nearly 9 percent according to the new assessments.To not face a possible challenge in court, the district would be able to lower its tax rate and still see an increase in revenue.
The proposal...would lower the current real property tax rate of 34.6 to 34.0 cents [per $100] of assessed property.
With the restricted building fund tax, the total property tax bill would be 50.8, compared to the current 51.1.
For example, on a $100,000 home, the new tax would be $508, compared to $511.The new tax rate, if it is approved, would generate about $400,000 more in real estate revenue.
On the down side, as the local dollars increase, the SEEK funds must go down.
Davis estimated the district would lose about $1.5 million in SEEK funds.
The district may also lose another $85,000-$90,000 to the sheriff's department.
That agency collects a percentage of the tax bill for all agencies as its primary funding source....Last year, the commissions were over $475,000 to the sheriff's office.
The school system has the highest tax rate of all agencies and that also results in the highest source of revenue for the sheriff's department...
Oh, the little quiz. You probably gathered that if X increases, then Y would be lowered to reach the same sum for Z.
This from the Pioneer News.
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