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Spencer County adopts 2025 compensating real‑property tax rate
Summary
Spencer County Fiscal Court adopted the 2025 compensating real‑property tax rate of 6.2 cents per $100 valuation (with a 7.29‑cent maximum for personal property), declining to adopt the 4% increase rate. The vote was taken at the Aug. 4 meeting.
Spencer County Judge Executive Scott Travis presented certified assessment figures and explained the county had 45 days from certification to choose a real‑property tax rate. County staff advised the compensating rate (6.2 cents per $100 of assessed value) would produce no less revenue than the prior year excluding new property; the allowable 4% increase rate would have been 6.4 cents and required a public hearing.
After discussion, the court voted to adopt the compensating rate of 6.2 cents for real property and set the maximum personal property rate at 7.29 cents. Judge Travis moved the motion and Esq. Pharris seconded; the minutes record the motion carried with Esqs. Stump and Eldridge absent.
Why it matters: Adopting the compensating rate maintains tax revenue levels while reflecting certified assessment changes and avoids triggering the procedures required for a 4% increase.
Next steps: The county clerk will file the adopted rates with the Department for Local Government and proceed with tax‑billing activities under the adopted rate.
