Property tax rates drop in Louisville Metro
Property tax rates are dropping slightly for all Louisville residents, according to Metro Government’s Office of Management and Budget.
“Despite the impact of COVID-19, our economy is continuing its pre-virus momentum,” said Mayor Greg Fischer. “A decrease in property tax rates is a tangible benefit for our citizens.”
This year, the countywide Metro real property tax rate will go from 13 cents per $100 assessed value to 12.89 cents, according to a property tax ordinance filed today with Metro Council. That change amounts to a $1.10 savings for every $100,000 of assessed property value.
The Urban Service District real property tax rate will move from 36.71 cents per $100 of AV to 35.46 cents per $100 of AV. This equates to a decrease of $12.50 per $100,000 of property value.
“Ongoing growth in our local economy and the continued demand for real estate results in the growth in property values are the factors contributing to the downward movement in our property tax rates,” said Metro Chief Financial Officer Monica Harmon.
Property taxes fund approximately 25 percent of the city’s budget.
The proposed real property rate changes represent the allowable 4% growth on the existing property tax base under state House Bill 44 and do not require a general vote by the public.
The proposed rates are consistent with the FY22 budget adopted by the Metro Council in June, which increased the property tax revenue estimate from $157,030,000 to $163,350,000.
Metro residents have an opportunity to comment on the proposed property tax rates during a public hearing at noon on Thursday, Sept. 23 in room 106 at Metro Hall.
Once Metro Council approves the ordinance, the rates take effect on property tax bills released by the Sheriff in early November.