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KDE notice rules explained as board weighs revenue tradeoffs
Summary
Board presenter recapped new KDE guidance requiring publication for proposed rates up to 4% and showed revenue projections and SEEK impacts; members questioned state funding declines and how lower local rates could force cuts.
At the Anderson County special meeting, the presenter walked the board through new Kentucky Department of Education guidance that changes how districts must propose and adopt property tax rates.
"Any tax rate up to and including 4% ... requires notification of the proposed rate to the public," the presenter read, explaining that rates above 4% are recallable and require additional hearings and advertising. He showed that, for Anderson County, the compensating rate with exoneration would be about 57.4¢ and the 4% (59.6¢) would generate roughly $15.7 million, a difference of several hundred thousand dollars in local revenue. Board members asked how the change in assessed values and SEEK funding interact; the presenter said declines in average daily attendance and forecasted SEEK amounts are reducing state aid, which increases local effort requirements.
