When Christian Fiscal Court approved an ordinance to keep the same level of property tax revenue as last year Tuesday, the tax rate still ticked up ever so slightly and there are a couple of major reasons that was true.
Perhaps the main reason is the ongoing economic recession. Homes in Christian County and across much of the country are stagnant or diminishing in value and County Attorney Mike Foster says that brings down tax revenues a little at a time.
In addition, an aging population is making more property owners eligible for the “Homestead Exemption,” drastically reducing their annual tax bills.
In a better economy, the tax rate could very well go down if Fiscal Court chose the “compensating rate” option, as home values would likely be rising as they were before the recession. The slight increase approved on first reading would mean an extra two dollars on the bill for the owner of a property valued at 100-thousand dollars.