Louisville, Ky., – For the third consecutive year, property tax rates will go down for Louisville residents, according to Metro Government’s Office of Management and Budget.
“The benefits of our economic momentum reach Metro residents in many ways,” said Mayor Fischer. “A decrease in property tax rates is one of them.”
This year, the countywide Metro real property tax rate will go from 12.45 cents per $100 assessed value to 12.35 cents. That change amounts to a one dollar savings for every $100,000 of assessed property value.
“Continued growth in our local economy and a strong real estate market are drivers of the downward movement in our property tax rates,” said Metro Chief Financial Officer Daniel Frockt.
The Urban Service District real property tax rate will hold steady this year at 35.38 cents per $100 assessed value according to a property tax ordinance filed today with Metro Council.
Both real property tax rates are at their lowest level since merger.
Property taxes fund approximately 25 percent of the city’s budget.
Metro residents have an opportunity to comment on the proposed property tax rates during a public hearing at noon on Thursday, Sept. 14, 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.