City Expected to Raise Tax Rate
In a special called meeting of the Lexington City Council held last Tuesday, August 30, the members were expected to vote for a slight increase to the city’s tax rate.
In order to collect the same revenue as last year, the County recommended that the City increase their tax rate from .4609 to .4689; however, even with the increase in the tax rate, it appears at this time the average homeowner would not see an increase in their city tax bill. The reason for this is the property values are lower this year than they were last year.
In Tuesday’s meeting, the Council proposed to set September 14 for a public hearing to adopt the tax rate. Following that, the Council will meet to approve the tax rate and the budget.
The County has already voted to increase their tax rate to cover reduced property values. LISD has voted to not increase its tax rate.
In other City Council action at Tuesday’s meeting, the Council was expected to hire two new police officers.
The City Council meeting was held after the Leader’s press time.