Lexington council prepares to lower property tax rates; receive more money
Lexington property owners could be seeing a decrease in their city property tax rate this fall. However, the urban county government would realize a four percent increase in revenues from property taxes. While that may sound confusing, Lexington Mayor Linda Gorton said it’s due to an eight percent increase in property values.
“We’ll still bring in the money but we won’t bring in enough that it will trigger a voter recall. So, in essence, what people will see is that their property tax from the city side will go down,” said Gorton.
In the presentation before the city council Tuesday Budget Director Melissa Lueker told members only 20% of all the property taxes paid in Fayette County go to city coffers. Mayor Gorton said the majority of property tax revenues go to support Fayette County public schools. The city council is prepared to adopt new tax rates for a variety of entities including the library, non-commercial aircraft, street lights, and street cleaning.