BURLINGTON, Ky. — At the Thursday meeting of the Boone County Fiscal Court, a vote to lower the county’s 2020-21 real and personal property tax rates passed. The county also approved a general funding plan to extend water lines and broadband internet service into the county’s rural and underserved communities.
All four Fiscal Court members, Judge/Executive Gary Moore and commissioners Jesse Brewer, Cathy Flaig, and Charlie Kenner, supported the tax rates reductions and infrastructure-expansion plan.
The Fiscal Court lowered the county’s real property tax rate from 10.2 cents to 10.1 cents per $100 of assessed value. The Fiscal Court also lowered the personal property tax rate from 12.5 to 11.0.
Boone County has the resources to lower tax rates and plans to partner with utility providers to expand infrastructure because of the increasing tax base and property values, which is generating additional tax dollars, as well as prudent management of its finances.
Due to the economic vitality and growth of property values in the county, the lower tax rates will still generate enough tax dollars to maintain and expand existing county services. All of the new tax revenue that will be generated will be used to invest in waterline and broadband expansion projects, in partnership with utility providers.
“By demonstrating strong conservative principles in managing Boone County’s finances and the increase in property values within the county, we are able to lower our tax rates again and have positioned the county for one of our largest infrastructure-expansion projects in decades,” Moore said.