The Owensboro Public Schools board has approved reducing the district’s property tax rate while leaving the personal property tax rate unchanged for the upcoming fiscal year. Officials estimate the increase in property assessments will still generate more than $1.2 million in additional revenue.
Board members approved the proposed rates during Thursday’s regular meeting.
According to information provided by OPS, the real property rate will decrease from 85.1 cents to 84.0 cents per $100 of assessed value, while the personal property rate will remain at 85.1 cents.
Officials said the approved rates are projected to generate $17,004,178.02, with $1,699,132.84 of that coming from new and personal property. Last year’s rates generated $15,765,075.64 for the General Fund.
That means an additional $1,239,099.38 is expected to be generated this year. Officials said the additional revenue is to be allocated as follows: cost of collections, $18,586; building fund, $70,629; instruction, $1,018,468; transportation, $58,472; and maintenance of plant, $72,944.
