Each Year the Board of Education is required to adopt the tax rate for the fiscal year and submit adopted rate(s) to the State of Kentucky as well as the county clerk for distribution of tax bills.  The 4% Increase is being recommended. 

The 4% increase general fund tax rate for 2021-2022 is 107.9 cents on real property with a 0.2 exoneration for a grand total of 108.1 cents and 108.1 cents on personal property with a 0.2 exoneration for a grand total of 108.3 cents and is expected to produce $18,332,684.  If all calculated revenues are received this will be an increase of $1,255,557.  Revenue received in excess of last year’s revenue will be allocated to meet current operating expenses of the General Fund. 

The compensating rate for 2021-2022 is 103.8 cents on real property with a 0.2 exoneration for a grand total of 104.0 cents and 108.1 cents on personal property with a 0.2 exoneration for a grand total of 108.3 cents and is expected to produce $17,693,986.  All rates are per $100 valuation. 

The Motor Vehicle Tax Levy for FY 2021-2022 is 85.9 cents per $100 valuation. 

Attached are the reporting forms from the State of Kentucky and the calculation of the proposed tax rates.

• CovingtonTaxRatePresentationChartWithPictures8321_0.pdf
• ReportsFromKDECovingtonIndependentFY22_0.pdf
• TaxRateHistory.xlsx