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Florence staff proposes 3% cut to 2025 property-tax rates; public hearing set for Sept. 3
Summary
City finance staff presented a proposal to lower Florence—s property-tax rates by 3% for tax year 2025, projecting roughly $10.1 million in collections and an average $25 reduction per real-estate tax bill; council set a public hearing for Sept. 3 to take comment.
Jason Lewis, the city—s finance director, presented Florence City Council caucus members with a proposal to reduce real and tangible property tax rates by 3% for tax year 2025 and outlined how assessment shifts from Boone County affect the city—s maximum allowable rates.
Lewis told council that Boone County—s 2025 assessments show real property grew about 3% while tangible property assessments fell nearly 20%, driven in part by a roughly 30% drop in warehouse assessments. "Assessments went down," Lewis said, "so there's sort of an inverse relationship there," explaining that lower tangible valuations can raise the city—s maximum tangible rate even as assessed values decline.
Under state law, Lewis cited KRS 78 5 30 c…
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