LEXINGTON, Ky. (WTVQ) – Property taxes in Fayette County could go up if a proposal by the Fayette County Board of Education is approved.
The board re-evaluates the tax rate every year. It has the option to raise the rate to meet a four-percent revenue increase.
The board voted Thursday for the standard four-percent tax rate increase. Two school board members, Will Nash and Tyler Murphy, voted against the increase, which was lower than some of the options the board was considering. One of the options considered raising the school safety tax, which is a separate tax.
Under the proposal passed Thursday, someone with a home valued at $100,000 in Fayette County, would see a $7 increase in taxes annually.
During the meeting, board members pointed out there was less state funding coming from Frankfort, and they have to find ways to make the district’s $580 million budget.
“We are investing in our children here in Fayette County. We have a skin the game, we have a muscle in the game, but Frankfort does not,” says Stephanie Spires, chair of the Fayette County Board of Education. “We need them to step up.”
The school board will hear public comment on the proposal before there is a final vote.