Story - The Meade County Messenger


Vol. 117, No. 37	September 16, 2009

Taxes to remain the same

By ROBYN GREGORY
Messenger Staff

The Meade County Fiscal Court voted unanimously Aug. 14 to keep real and personal property taxes the same, citing unemployment and the continuing state of the economy.

The Court considered the state of Kentucky’s “compensating rate” for real property, which would have raised taxes to .233 cents per $100 of valuation; and a 4 percent increase which would have raised taxes to .242 cents. The compensating rate is set yearly by state calculation of various economic factors including the consumer price index. Kentucky Revised Statute (KRS) 132.190 requires counties that
raise taxes above the compensating rate to hold public hearings.

“We just couldn’t raise taxes with the economy the way it is,” said Magistrate Randall Hardesty. “We had to choose one of the choices and that was the lowest tax rate there was.”

The compensating rate on property taxes would have provided an estimated $297,387.05 more in revenue for the county.

“We were under budget last year. We carried over surplus money – about two or three million – and it’s a good thing we did because with the ice storm and tornado, we were able to pay the bills now before insurance and everything came in and we didn’t have to borrow any money,” said Judge Executive Harry Craycroft.

“We could have taken the compensating rate and built up the surplus, but why charge people more money when we can operate without it?” added Craycroft. “We’ve survived three major disasters, have not had to borrow any money, we have a balanced budget and we didn’t have to raise anybody’s taxes. That’s something I’m proud of and we’re probably a stronger county in a lot of ways because of it. We’re getting generators now. We’re reviewing to see what we need if it happens again.”

Real and personal property rates will remain at .216 cents per $100, and the inventory tax will remain at .38 cents. Tax on a $100,000 home would be $216.10.

The county’s unemployment rate was 11.5 percent in July – the latest month statistics are available from Local Area Unemployment Statistics (LAUS).

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