LOUISVILLE, KY (August 10, 2016) – Louisville citizens will see another slight reduction in their property tax rates this year, Mayor Greg Fischer and Chief Financial Officer Daniel Frockt announced today.
“The rate reduction reflects a continued strong real estate market consistent with our locally expanding economy,” Frockt said.
The Metro real property tax rate that applies to the entire county will move from 12.54 cents per $100 assessed value to 12.45 cents, which amounts to a 90 cent savings for every $100,000 of assessed property value.
A property tax ordinance filed Monday with Metro Council leaves the Urban Service District real property tax rate at 35.38 cents per $100 assessed value. That rate was reduced last year, for the first time since 2009.
Both continue to represent the lowest tax rates on real property since merger.
Property taxes fund approximately 25% of the city’s budget.
Citizens have an opportunity to comment on the proposed property tax rates during a public hearing at noon on Thursday, August 25, in room 106 at Metro Hall.
Once Metro Council approves the ordinance, the rates take effect on property tax bills released by the sheriff in early November.