If you own new or existing property in Trigg County, you’re about to get some tax relief.
During Thursday’s Trigg County Board of Education meeting, board members unanimously approved to hold a public hearing at 5:30 p.m. August 26, to openly discuss lowering its adoptive property rate of 55.1 cents per $100 of assessed value to 54.8 cents per $100 — in what would be a small cushion to the public.
Finance Officer Holly Greene stated this is a perfect storm for the school and its proprietors, as a bullish housing market — coupled with increasing property values — has created a small windfall for local homeowners.
By lowering the tax rate, school officials can still meet its 4 percent tax revenue benchmark.
Even with this slight change, more than $5.2 million will be generated in revenue, with more than $510,000 expected from new and personal properties.
The only downside, Greene added, comes from SEEK (Support Education Excellence in Kentucky), and that the board will have to meet its 30 cent effort in funding. SEEK is a formula-driven allocation of state-provided funds to local districts, which help with transportation costs and special-needs students as reported by districts.
Greene said those allocations are attendance-dependent.
