LOUISVILLE, Ky. — The Jefferson County School Board has voted to lower property taxes for the 2024-25 fiscal year. This is due to rising property assessments throughout the county.
During their Tuesday meeting, Board members approved a rate of 73.5 cents per $100 assessed value on real property, down from 76 cents in 2023-24.
Board member James Craig asked Superintendent Marty Pollio Tuesday if this will generate enough revenue for the district next school year.
Under this rate, a homeowner would pay roughly $735 in school tax on a $100,000 home assessment.
"I do think that it allows us to meet what we have agreed to for our raises for employees next year, so yes I do think long term that this board and this community is going to have to know that if we're going to change our staffing problems and shortages, we'll have to take further steps in the future," Pollio said.
While the rate is decreasing, combined with higher home assessments, $31 million in additional money is expected to be brought in. This money supports employee raises, curriculum, facilities and the general operations of JCPS.
The Board said it represents a 4% increase over the last year in gross revenue, the largest increase allowed by Kentucky law without voter approval.
The personal property tax rate will see a decrease to 73.5 cents, down from 76.8 cents last fiscal year. The motor vehicle tax rate will remain at 58.5 cents.
The revenues generated by the real property and personal property tax rate is about $750,665, 321. Of that, $695,753,576 will go to the general fund to pay for educational services and operations.
The Board explained $54,911,745 will be allocated towards the building fund for capital projects and debt payment on bond issues, like the new Hudson Middle School, which is the first middle school in West Louisville in nearly 100 years.
The board approved the assignment of an architect for the new school Tuesday.
“From this point forward, it moves pretty quickly," Pollio said. "I’d like to say quickly, meaning overnight, but that’s not the case. What it does mean is architects and engineers begin working on the building immediately for those plans."
JCPS's goal is to have the middle school open by the first day of school in 2026.
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