On Thursday, August 10, Daviess County Fiscal Court had the first reading of an ordinance establishing property tax rates for 2023.
“The preference indicated to me was to leave all ad valorem rates the same as last year with no rate increases,” announced County Treasurer Jordan Johnson. “That would mean the county’s proposed property tax rate is 13 cents per $100 of assessed value.”
This rate is above the compensating rate of 12.6 cents per $100 of assessed value because property assessments have increased over the last year. Therefore, a public hearing was held prior to the Fiscal Court meeting to accept any public comments.
“Taking a rate above the compensating rate is one of the few ways a taxing district or municipality can guard against inflation since the compensating rate results in the same dollar amount as the prior year,” Johnson explained. “I will reiterate that the Court’s proposal is to keep all tax rates the same as last year with no rate increases.”
The Treasurer added that keeping rates the same will generate sufficient revenue to manage the Fiscal Year 2023-2024 budget with no apparent negative impact to future fiscal years.
Second reading and passage of the tax rate ordinance will occur at the next meeting on August 24, 2023.
Proposed Tax Rates
- Real Property – 13 cents per $100 of assessed value
- Tangible Personal Property – 13.84 cents per $100 of assessed value
- Motor Vehicles & Watercraft – 17 cents per $100 of assessed value
