Fiscal Court Approves Lower Property Tax Rates
File Photo: Kentucky State Seal in the courtroom at Mercer County Fiscal Courthouse.
Robert Moore
Herald Staff
rmoore@harrodsburgherald.com
The Mercer County Fiscal Court approved new tax rates for the new fiscal year. And the news is good for local homeowners.
At their regular meeting on Tuesday, July 26, the magistrates voted to take the compensating rate on real property tax rates for 2022. The state calculated a compensating rate of 12.60 per $100 in assessed value for real property and a four-percent increase of 13.10. Approving the four-percent rate would have required the fiscal court to hold a public hearing.
According to Judge-Executive Scott Moseley, the owner of a $150,000 home would see a $189 increase under the compensating rate, while it would be $196.50 under the four-percent rate. The current rate is 13.0 per $100, according to the PVA’s office.
“If we took the compensating rate, that would help people,” said Magistrate Tim Darland. “It would be a few dollars less on people.” Darland moved to take the 12.60 compensating rate to “help ’em out.” Commissioner Jackie Claycomb seconded the motion, which passed unanimously.
The fiscal court set the personal property tax rate for 2022 at 18.31 per $100 in assessed value, which is also the compensating rate, and set the motor vehicle and watercraft tax rates for 2022 at 9.20. That rate is set by the state and has not changed in years.
The magistrates also approved a budget amendment for the 2021-2022 fiscal year to account for the prior year carryover, which Treasurer Sandy Sanders said is negative in the road fund this year due to a series of projects which were approved towards the end of the fiscal year.
The fiscal court also approved financing for several construction projects. The fiscal court approved an agreement with the Kentucky Transportation Cabinet Department of Rural and Municipal Aid to receive $48,800 using CB01 bridge funds for the Oakland Lane drainage structure replacement. The magistrates authorized Judge Moseley to sign a supplemental agreement with the KYTC Department of Rural and Municipal Aid and Mercer County for $31,200.
Moseley said the county is issuing a purchase order with IMI for concrete required for the Oakland Lane bridge project, which was awarded to Firm Foundation Construction. The start date is Aug. 15. Moseley said the measure is necessary to accommodate the high price of concrete, as opposed to Firm Foundation paying up front.
The fiscal court approved a budget amendment and related ordinance for $21,560 in carryover funds from the 2021 budget year with the KYTC rural/secondary project for project on Horn Road.
“It landed right at the end,” Sanders said. She said the county had to amend the budget to account for funding over two fiscal years.
“It’s a lot of backwards and forwards,” Sanders said. She said it was necessary to show auditors the correct accounting trail.
The fiscal court approved a budget amendment and related ordinance to use $238,000 in discretionary funding reimbursement carried over from the previous year for Old Dixville Road replacement. They also approved a budget amendment and related ordinance to use KYTC Rural And Municipal Aid emergency funding.
Finally, the fiscal court rejected the only bid to replace the bridge on Old Dixville Road. Firm Foundation bid $215,651 to build an all steel bridge, 50 feet by 18 feet. Judge Moseley said two other firms want to bid, including a local firm, and asked to rebid the project. County officials estimated it was cost another $80,000 to finish the project after construction was completed. Mercer is only receiving $100,000 in funding from the state, according to Sanders.
“We don’t need to do this,” said Magistrate Darland. “We need to do some refiguring.” The fiscal court voted to rebid the project by Friday, Aug. 26, at 4:30 p.m. The bridge is still open.
