Owensboro commission adopts 2024 property tax ordinance, holds rates below prior year

The Owensboro Board of Commissioners voted Sept. 3 to adopt Ordinance 13-2024, which sets municipal property tax rates for the fiscal year beginning July 1, 2024. The ordinance establishes a real property rate of 26.1 cents per $100 of assessed valuation, a personal property rate of 28.25 cents per $100 and a vehicle rate of 30.30 cents per $100.

Angela, the city finance presenter, told the commission that last year's levy was 0.264 and produced $10,868,630 in ad valorem revenue. "This year's compensating rate is 0.251 and will produce revenues in the amount of $11,036,911," she said, and added that the city proposes a rate of 0.261 that would yield $11,476,629. She also said revenue expected from new property is $134,049 and that a personal property rate of 0.2825 would yield an estimated $1,280,839.

City manager reiterated that the real estate rate is lower than last year, describing the change as a modest reduction: "This ordinance decreases the real estate rate from last year, reducing it to 26.1' per $100 evaluation, down from 26.4' last year." The commission approved the ordinance on second reading after a roll-call vote; Mayor Pro Tem Mark Caslin, Mayor Tom Watson, Commissioner Sharon Nesmith, Commissioner Pam Smith Wright and Commissioner Bob Glenn voted yes.

City officials said revenue received in excess of last year's receipts will be used for general expenditures. The ordinance reflects the rates the commission set for municipal operations for the 2024-25 fiscal year; the clerk completed the roll call and the mayor announced the motion carried.

The ordinance moved through second reading at the Sept. 3 meeting and will be effective according to the dates specified in the ordinance text.