Hopkinsville City Council will consider the 2023 property tax rates at its next meeting after action by the Committee of the Whole at Thursday night’s meeting.
Chief Financial Officer Melissa Clayton began her presentation on the property tax rates by pointing out that last year’s property tax rate was the lowest since 1999 for city taxpayers. This year, she said the total property tax assessments increased by more than $136.7 million for 2023.
click to download audioFurthermore, she noted the city experienced a lot of new growth in the property tax assessment this year that totaled more than $34.5 million.
Clayton recommended taking the maximum rate allowed on real property of 22.3 cents per $100 of assessment and leaving the same tax rates as last year on personal property and motor vehicles.
click to download audioThe real property tax rate was 22.5 cents per $100 assessment for 2022.
Her recommendation was unanimously endorsed by a vote of 12-0 and was forwarded to the city council for consideration.
The council will also consider a change to the City’s Financial Policies & Procedures Handbook after Clayton explained that pension rates are on the decline from the state and the city did not have to use any of its pension reserves this year. Additionally, she stated the rates are projected to continue to decrease over the next 10 years. She then recommended the city refrain from allocating further funds to the pension reserve fund and instead establish a building maintenance account.
click to download audioThe Committee of the Whole also heard reports from the Hopkinsville Police Department, Hopkinsville Fire Department, Code Enforcement and agency/board council appointees.
