Proposal Would Lower Property Tax Rates In Light Of Home Value Hikes
An ordinance proposed by Metro Councilwoman Cheri Bryant Hamilton would cut property taxes throughout the county, a response to controversial hikes in some Louisville property assessments earlier this year.
If the council approves the ordinance, homeowners would pay slightly less in property taxes this year. The decrease would affect upcoming tax bills scheduled for early November.
Margaret Brosko, a spokeswoman for Mayor Greg Fischer, said the decrease would save homeowners within the Urban Services District — the old city limits — $12.80 cents per every $100,000 of assessed property value. Fischer's office is driving the proposal.
“Outside of the Urban Services District, it’s a little bit less,” Brosko said. “It amounts to about 10 cents savings per every $100,000 of assessed property value.”
The Jefferson County Property Valuation Administrator's office reassessed houses in a number of Louisville neighborhoods earlier this year. Those assessments resulted in a 15 percent increase in valuation, on average, although some homeowners saw their assessments increase by as much as 150 percent.
The last time the Urban Services District real property tax rate was reduced was 2009.