Florence finance director proposes 3% reduction in 2025 property tax rates; public hearing set for Sept. 3

Jason Lewis, Florence’s finance director, told the City Council caucus that staff is proposing a 3% reduction in the city’s real- and tangible-property tax rates for tax year 2025 and recommended the council hold a public hearing before adopting final rates.

The proposal would lower the city’s projected property-tax revenue for fiscal year 2025–26 to about $10.1 million, Lewis said, and “on average, real estate tax bills would decrease around $25 per bill.” He told council the 3% reduction is intended to keep revenue growth “slow but manageable” given recent assessment changes.

Why it matters: Florence publishes the maximum rates required by Kentucky law but may set rates below those maximums. Lewis said Boone County’s assessments for 2025 showed about 3% growth in real-property assessments, while tangible (business) assessments fell sharply — goods stored in public…