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Fort Thomas finance committee agrees to hold 2025 city property tax rate as budgeted
Summary
The Finance Committee on Aug. 25 reviewed technical changes to the city—s tax base and, by committee consensus, directed staff to hold the city—s 2025 property tax rate as budgeted — generating about $95,000 from new property — and to publish required public notices ahead of the council hearing.
The Finance Committee of Fort Thomas reviewed the city—s options for the 2025 property tax rate on Aug. 25 and, after discussing reserves and upcoming capital needs, agreed informally to hold the city rate as budgeted for 2025.
Committee members and staff examined a revenue breakdown that showed an estimated $95,000 increase if the city maintains its current adopted rate; staff said that increase is driven primarily by net additions and reassessments on the tax roll (18 net new properties were cited by staff). Staff also explained the compensating rate mechanism, noting the compensating rate that preserves last year—s revenue is about $3.42 per $1,000 of assessed value (rounded from 3.429) and that "comp plus 4" refers to a revenue-targeting approach rather than a literal 4% rate increase.
Why it matters: Councilors framed the question as a choice between raising the tax rate to increase revenue and using current reserves or careful expense management to pay for capital projects. One committee member estimated current reserves at roughly "a little over 5 to 6 months" based on the adopted budget; others said keeping at least three months of reserves is prudent while using excess to fund projects. Members listed near-term capital priorities that will require local funding even if grants come through, including park reforestation and street and sidewalk projects.
Details and next steps: Following discussion of the effects of reassessments, growth and historical policy, committee members verbally supported holding the rate for 2025 and asked staff to proceed with the public-notice and hearing schedule required for adoption. The transcript records no formal motion or roll-call vote; the action in the meeting was an informal committee consensus to "hold the rate" and advertise the public hearing ahead of the council meeting scheduled the week after Labor Day.
What was not decided: Committee members did not adopt a new formal reserve policy or set a multi-year tax strategy at this meeting. Staff and councilors said they will return with further capital-prioritization discussion at upcoming finance meetings and bring a consolidated recommendation to the full council when the public hearing is scheduled.
