The Boyd County Fiscal Court lowered county real estate taxes on Friday.
Boyd County Judge Executive Eric Chaney confirmed the move during a special meeting, saying the county dropped the real estate tax from 0.181 to 0.176 per $100 valuation. On a home valued at $100,000 that translates into a real estate tax tab of $176.
"We were able to take a lower rate this year because of the amount of money we've saved -- this court, the clerk and the sheriff and everyone in the county," Chaney said. "It is a small amount, but it makes a difference."
"We have worked extremely hard to find cost savings to make this county run more efficient every single day. Any money we can save we need to pass that on to the taxpayers," he said.
Pretty much all other taxes received on your local tax bill are expected to stay the same with the exception of the school tax, which is projected to go up and the library tax which will be slightly lower. The state real estate tax is listed at 0.122. The county extension real tax bill is 0.037, health district at 0.06, fire at 0.10, ambulance at 0.12 and soil conservation at 0.05. The school district tax meant raising the rate from 65.7 cents per hundred dollars of valuation to 67.4 cents; in Fairview the rate went from 79.1 cents to 82.5.
Regarding real estate values Chaney and County Commissioner Randy Stapleton said property values are going up in the county, which means the county will not suffer on revenues despite lowering the tax rate.
"We could have kept the rate the same and increased our revenue," Chaney said.