2015 Proposed Tax Rates For Hardin County. August 25,

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1 2015 Proposed Tax Rates For Hardin County August 25,

2 Purpose To provide the Judge/Executive s recommendation for the 2015 County Property Tax Rates 2

3 Only County Taxes Include County Rates Only Do Not Include X School Tax Rates Levied by Local School Boards State Tax Rates Levied by State Legislature City Tax Rates Levied by City Councils 3

4 County Property Tax Categories Included in this Proposal Real Property Tax Personal Property Tax Motor Vehicle Watercraft Aircraft Wooded Acreage Soil Conservation Cooperative Extension Health Department 4

5 Low Tax Rates Hardin County is the lowest county-wide taxed county in the Commonwealth 5

6 Taxes Not Imposed By Hardin County Government Occupational Tax Insurance Premium Tax Public Library District Tax Fire District Tax Hotel Tax Local Sales or Restaurant Tax 6

Revenue 2015/2016 Budget Year All Other Revenue Sources $ 23,807,316 77.

7 Revenue 2015/2016 Budget Year All Other Revenue Sources $ 23,807, % Real Estate Property Taxes $5,950, % $ 30,917,316 Total Revenue Tangible Personal Property $430, % Motor Vehicle Water Craft $730, % 7

8 2014 Property Tax Allocation County 12.0% ($6,342,123) State 15.9% ($8,395,702) Special Districts 3.9% ($2,073,831) $52,731,094 Total Collected by Sheriff s Department Does not include CITY Property Taxes 8

9 Property Tax Allocation 2014 vs Comparison Schools 58.3% $15,104, % $35,919,440 State 22.6% $ 5,845, % $ 8,395,702 County 14.9% $ 3,867, % $ 6,342,123 Special Districts 4.2% $ 1,093, % $ 2,073,831 9

10 Property Tax Rate Definitions Compensating Rate: KRS defines Compensating Tax Rate as that rate which applied to the current year s assessment of the property subject to taxation, excluding new property added to the tax role for the current year, produces an amount of revenue approximately equal to that produced in preceding year. 10

11 Property Tax Rate Definitions 4% Growth Rate: KRS states that the portion of a tax rate levied by Fiscal Court which will produce revenue, exclusive of revenue from new property, of more than 4% over the amount of revenue produced by the compensating tax rate shall be subject to recall vote. 11

12 Hardin County Government Real Property Taxes Budget Year 2014/2015 (LAST YEAR) Value of Real Property Subject to Rate=$5,641,252,075 *Rate Gross Revenue Maximum Rate 11.3 $6,374,615 Adopted Rate 10.9 $6,148,965 Compensating Rate 10.9 $6,148,965 *(Cents Per $100 Valuation) 12

13 Hardin County Government Real Property Taxes Budget Year 2015/2016 (THIS YEAR) Value of Real Property Subject to Rate = $ 5,746,258,895 *Rate Projected Gross Revenue 4% Growth Rate 11.3 $6,493,273 Proposed /Current Rate 10.9 $6,263,422 Compensating Rate 10.9 $6,263,422 *(Cents Per $100 Valuation) 13

14 Gross vs. Net Revenue Based on 2015/2016 Real Property Tax Rates Rate (Cents/$100 Valuation) Gross Revenue (Projected) Net Revenue* (Estimated) 4% Growth Rate 11.3 $6,493,273 $6,092,675 Proposed Rate 10.9 $6,263,422 $5,876,995 Compensating Rate 10.9 $6,263,422 $5,876,995 *Net of: 1. Estimated collection rate by Sheriff s Office =0.98% 2. Fees to Sheriff s Office (10% of First $5K % of Balance) 14

15 Proposed Real Property Tax Proposed Rate of 10.9% equals the previous year s Rate and well below the Maximum 4% Growth Rate of 11.3% allowed by KRS without voter recall. 15

16 Proposed Real Property Tax (Continued ) The property tax rate has been set below the Maximum 4% Growth Rate 10 of the last 13 years. Previously the rate was always set at the Maximum 4% Growth Rate. Equals the lowest property tax rate in 25 years 16

17 Real Property Tax Rate History (Cents per $100 valuation) Year Compensating Rate Approved Rate 4% Growth Rate Year Compensating Rate Approved Rate 4% Growth Rate

18 Summary Recommend adopting a Tax Rate of 10.9 cents per $100 valuation for Real Property Same low Real Property Tax Rate for 8 years 18

19 Proposed County 2015 Tax Rates Real Property (Real Estate) General and Road Fund Health Department Cooperative Extension Service Soil Conservation District General and Road Fund Health Department Cooperative Extension Service Motor Vehicles, Watercraft and Aircraft General and Road Fund Health Department Cooperative Extension Service Wooded Acreage Fire Protection Fund 19 *Cents per $100 valuation

20 Once again, County Government responds to Economic Struggles of Taxpayers! Real Property Tax Rate set equal to last year s rate to continue the lowest rates in over 25 years! 20

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Property Tax Levy Law. Mike Sobul, Treasurer Granville EVSD OSBA Capital Conference November 13, 2012

Property Tax Levy Law. Mike Sobul, Treasurer Granville EVSD OSBA Capital Conference November 13, 2012 Property Tax Levy Law Mike Sobul, Treasurer Granville EVSD OSBA Capital Conference November 13, 2012 Constitutional Restrictions O. Const. Art. XII, Sec. 2 imposes two primary limitations on real property