Council Approves Preliminary Ad Valorem Tax Rates
The Lexington-Fayette Urban County Council approved preliminary 2016 rates Tuesday for the city’s real estate taxes. These taxes are paid by property owners in the general and urban service areas of the city, and the council decided to keep almost all rates identical to those of the previous fiscal year. According to the city, the general fund tax on a $165,000 house will cost approximately $132, while the urban fund tax will cost around $286.
The Real Property Extension rate is the only one to face an increase, from .0034% to .0035%.
All of these rates will receive a first reading at Thursday’s council meeting, while a public hearing is scheduled for August 27th. More information is available at lexingtonky.gov.