The tax picture is growing clearer for property owners in Mercer County.
The largest part of the tax bill is claimed by the local school districts. Both Mercer County and Burgin Independent chose to take the four-percent increase—which is the most allowed under state law without leading to a recall vote. The increase does not translate into a four-percent increase on your tax bill. Rather, it is a four-percent increase on the total revenue the districts will realize from property taxes.
The Mercer County Board of Education is raising the tax rate on real estate and personal property from 66.5 per $100 in assessed value to 69.2, which would translate into a $27 increase for someone owning $100,000 in property.
The Burgin Board of Education voted to raise property taxes to 77.5 cents per $100 in assessed value, which would translated into an additional $80 per year for someone owning $100,000 in property.
The Mercer County Fiscal Court voted to increase the rate on real estate to 12.2 cents per $100 in assessed value and the rate on tangible personal property to 17.53 cents. Last year the rates were 11.8 and 16.26, respectively. For a property worth $100,000, that translates into a $4 increase on next year’s tax bill.
The Mercer County Health Department is raising their tax rate from four to five cents per $100 in assessed value.
The Mercer County Extension Office has elected not to increase their tax rate. It will remain at 4.1 cents per $100 in assessed value. The Mercer County Soil Conservation District is keeping their rate at .007 per $100 in assessed value. The Mercer County Fire Prevention District are also keeping their tax rate the same, at six cents per $100,000 in assessed value for real estate and personal property and 10 cents for motor vehicles and watercraft.
The Mercer County Public Library reduced their rate by one-tenth of a cent to 8.1 cents per $100 in assessed value on both real estate and personal property.
The City of Harrodsburg set their rate for property tax at 66.8 cents per $100 in assessed value. It is four-tenths of a cent cheaper than last year’s rate, which was 67.2 cents per $100 in assessed value. The move will save a taxpayer who owns property worth $100,000 40 cents on their next tax bill.
The Burgin City Council set their new tax rate Tuesday night meeting 20.45 cents per $100 in assessed value for real estate and 15.33 cents per $100 in assessed value for personal property.
To learn more, check out this week’s issue of the Harrodsburg Herald.