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SHEPHERDSVILLE - Magistrates will have three options to look at when they assembly Tuesday morning to set tax rates for the upcoming billing cycle.
The budget committee met Monday and looked at the options available to meet the legal requirements.
Chairman Joe Laswell said the committee would make no recommendation to the full body of fiscal court. The purpose of delaying a vote at the previous fiscal court meeting was to get all the options on the table to consider.
According to assistant county attorney Rob Flaherty, the court could set the tax rate at any amount; however, there could be ramifications if they set the rate too high.
In looking at the projected figures based on new assessment numbers, Flaherty said county could generate $4.17 million if the real property tax rate remained at the current 9.3 cents per $100 of assessed property.
On a $100,000 home, a person would pay $93 a year in taxes.
If the court approved a compensating rate of 9.5 cents, the county would generate roughly the same amount of tax dollars as the previous year.
The calculations show a slight increase of $90,000 and property owners would pay $2 more per year on the same $100,000 home.
The court members could accept a rate of 9.8 cents, which would allow for the 4 percent increase in revenue. A public hearing would be held but it would not be subject to voter recall.
Anything above 9.8 cents could be placed on the ballot by disgruntled property owners.
With the 4 percent increase, the county would generate $4.3 million. This would be $135,000 above the compensating rate or $270,000 above the current rate.
On a $100,000 home, the cost could go from $93 to $98 per year.
Tied into the real property would be the tangible personal property.
If the fiscal court went with the 4 percent increase on real property, it would generate about $90,000 more than if it stayed with the current rate.
Although the goal is to get tax bills out as soon as possible for the sheriff’s department, Flaherty said there is time to hold a public hearing and get the tax rate set by the middle of September.
At the previous meeting, a motion was put into place to approve the increase; however, before a vote was held, magistrates opted to get more information.
Magistrate Eddie Bleemel, also a member of the budget committee, said the court members needed to see all three options from the judge executive’s office before making a decision.
Bullitt Fiscal Court will meet on Tuesday, Sept. 1, at 9:30 a.m. in the courthouse. The decision on a tax rate should be made at that time. The public is invited to attend.