It is not an increase in the millage rate but it is an increase in property taxes.
The Fayette County Board of Education voted Aug. 18 to maintain the state maximum of 20 mills, which amounts a 2.24-percent tax increase due to an increase in property values. Keeping the rate at 20 mills means that taxpayers will see an additional .438-mill on their property tax bills that reflects the increase in the fair market value assessment for 2014.
Assistant Superintendent Tom Gray said without the tax increase, the millage rate will be no more than 19.562 mills. Gray said the tax increase for a home with a fair market value of $200,000 is approximately $34.16 and the increase for non-homestead property with a fair market value of $250,000 is approximately $43.80.
The school board’s bond millage rate remains at 1.45 mills for 2014, essentially a 2.18 percent increase over 2013 due to the same increase in property values. Commenting on the millage rate, Superintendent Jody Barrow said, “I think the economy will improve but we’re not ready to move away from 20 mills at this point.” The school board increased the tax rate to 20 mills in 2009.
