Get Full Government Meeting Transcripts, Videos, & Alerts Forever!
Get email alerts on the Taxation topic
No spam. Unsubscribe anytime.
Spencer County adopts compensating real-property tax rate for 2024–25
Summary
The Fiscal Court adopted the Department of Revenue-certified compensating rate for real property (6.4 cents per $100) and set the personal property rate at 7.6 cents for the 2024–25 tax year; the court avoided a public hearing by choosing the compensating rate.
Spencer County Fiscal Court voted Aug. 5 to adopt the Department of Revenue-certified compensating tax rate for real property for the 2024–25 tax year.
County officials explained the options: the compensating rate (6.4 cents per $100 of assessed value) preserves prior-year revenue levels; a 4%-increase rate (6.6 cents) would require a public hearing; higher rates can trigger additional notice and recall procedures. Judge Travis moved to accept the compensating rate and to set the maximum personal-property rate at 7.6 cents per $100. The motion passed by unanimous voice vote.
Clerk Lynn Hesselbrock and county staff confirmed the Department of Revenue certified the rate calculation on July 24. The court noted that taking the compensating rate avoids a required public hearing and preserves revenue equal to the prior year (excluding new property).
