City of Covington cuts property tax rate by 17%

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Residents of Covington enjoy a significant property tax reduction. The City of Covington has reduced the property tax rate by 17%. The new rate translates to $2.71 for every $1,000 of assessed value of real estate, down from the $3.27 rate that has been constant since calendar year 2017, officials said. town. This means that the owner of a $100,000 home would pay $271 for the year in municipal property taxes, up from $327 the previous year. The new rate is just over a third of what it was in the mid-1970s, city officials said. “The tax rate has never been lower,” City Manager Ken Smith told the Commission. Covington also lowered its property tax rate from 0.349 to 0.328. real estate in the city has risen dramatically since last year, from $3.16 billion to $3.85 billion, acting chief financial officer Jerome Heist said. The increase was related to new construction, an increase in the housing market and a revaluation of property values. “In my 22 years here in the city, I have never seen such a significant increase,” Heist said in a statement. But not everyone gets a tax cut, city officials said. “Let me explain a reality to everyone: not everyone will benefit from a tax cut,” the mayor said. “There are those who will pay more because their assessment has gone up – but they won’t pay as much as they would have with the previous tax rate,” Mayor Joe Meyer said.

Residents of Covington enjoy a significant property tax reduction.

The City of Covington has reduced the property tax rate by 17%.

The new rate translates to $2.71 for every $1,000 of assessed value of real estate, down from the $3.27 rate that has been constant since calendar year 2017, officials said. town. This means that the owner of a $100,000 home would pay $271 for the year in municipal property taxes, compared to $327 the previous year.

The new rate is just over a third of what it was in the mid-1970s, city officials said.

“The tax rate has never been lower,” City Manager Ken Smith told the Commission.

Covington also lowered its property tax rate from 0.349 to 0.328.

Tax invoices will be sent on September 15.

The decrease was possible because the total value of real estate in the city has risen dramatically since last year, from $3.16 billion to $3.85 billion, the acting chief financial officer said. , Jerome Heist. The increase was related to new construction, an increase in the housing market and a revaluation of property values.

“In my 22 years here at the City, I have never seen such a significant increase,” Heist said in a statement.

But not everyone gets a tax cut, city officials said.

“Let me explain a reality to everyone: not everyone will benefit from a tax cut,” the mayor said. “There are those who will pay more because their assessment has gone up – but they won’t pay as much as they would have with the previous tax rate,” Mayor Joe Meyer said.

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