Ft. Mitchell Lowers Property Tax Rate, Covington Maintains Rate
The City of Ft. Mitchell will lower its property tax rate.
The city council approved the modest decrease at its meeting on Monday. According to information provided by the city, the new tax rate is the lowest since 2004.
The new rate of property taxation will be 0.138 on each $100 of property value and will take effect in October when city taxes are due. Mayor Jude Hehman said that the adjusted rate will not result in a reduction of services.
Finance Committee Chairman Councilman Dan Rice made the suggestion for a reduction in taxes that was met with full support from council. “The taxes generated by taking the compensating rate met our budget for the upcoming year,” said Rice. “The finance committee agreed that there was no reason to take in more tax revenue than what is necessary to meet our budgeted expenditures. Council agreed and passed the budget which included the tax cut.”
“I am proud of the work that our council and staff have done to be fiscally responsible while allowing for a reduction in taxes for the citizens of our community, however small, we are trending in the right direction.” said Mayor Hehman.
The City of Ft. Mitchell recently announced its intention to work more closely and share more services with the City of Erlanger's fire department.
On Tuesday, the City of Covington board of commissioners approved the 2016 property tax rate, keeping it the same as 2015 and following a staff recommendation. Increased property values will result in additional revenue.
At the meeting, Assistant Finance Director Dave Mathews noted that taxable real property had increased by $28,463,848 over the last year and that taxable personal property increased by $12,043,781.
As a result of the rise in property values, the City anticipates an additional $25,183 in property tax revenue above the adopted budget for fiscal year 2017.
Upon its approval, the property tax rate was affirmed at $.3130 per $100 for real property and $0.3332 per $100 for personal property.
At the meeting, Director of Finance & Operations Lisa Desmarais noted the advantages of the City’s recommendation. She stated, “These positive outcomes further emphasize that the City’s increased property values are more than just numbers. They are an example of investment in the City paying off to create a place where people want to be.”
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