In its first session since returning from summer break, the Lexington-Fayette Urban County Council gave a first vote to move forward on a property tax increase that could impact 100,000+ homeowners.
The why
The tax hike aims to offset the $2 million deficit the city has experienced over the last decade. Up until now, the city has been funding street lights through general revenue, rather than money generated from current street light taxes.
Who is impacted
According to the Lexington Herald-Leader, the portion of homeowners’ property tax bills that goes towards streetlights could go up ~35%. For instance, if your assessed home value is $235,000, the increase would go from ~$47 to ~$63.
However, this doesn’t mean that all properties will be see an increase. Only those in specific districts — totaling ~100,230 homeowners — will be impacted by the hike. A final vote is expected Thursday, Aug. 31.
Want to know if that’s you? Head to the Property Valuation Administrator’s website and use its tax districts calculator.
