by David B. Snow
The Paducah Sun
September 20, 2018
Used with permission.
The Paducah Independent School District Board on Thursday voted to raise its tax rate from 79.7 cents per $100 in assessed real and tangible property value to 84 cents, but it could have been much worse, Superintendent Donald Shively said.
The PISD Board held a public hearing followed by a special meeting to vote on the tax rate and approve a working budget for the 2018-19 fiscal year. Both items passed by a 5-0 vote.
The new tax rate still needs to be approved by the Kentucky Department of Education.
By law, taxing entities are allowed to take the compensating rate, which allows them to take a tax rate that will bring in the same amount of revenue as the previous year.
This year's assessment of real and tangible city property is $1.17 billion, bringing the Paducah school district's compensating rate to 93.3 cents per $100 of assessed property value, an increase of 13.6 cents per $100. That would have meant a school tax increase of $136 for a $100,000 house.
Shively, however, opted to raise the district's tax rate to 84 cents per $100 in an effort to spare taxpayers the higher compensating rate. That raises the tax rate 4.3 cents per $100 value, or a $43 tax increase for a $100,000 house.