The city of Owensboro may be looking to raise the property tax rate for the first time in 8 years.
Tuesday night, the Owensboro Board of Commissioners will take up the first reading to set the property tax rate for the 2017-18 fiscal year.
The city is looking to raise the tax from $25.93 per $100 to $26.20. For the average $100,000 property that would raise the tax by about a quarter.
“We’ve been seeing a decline in the general fund balance at the city of Owensboro and with expenditures, increasing we have not seen the same increase in our revenue, so we decided it looked like it was time to implement the increase,” says Angela Hamric, Director for Finance & Support Services for the city of Owensboro.
Addition to the increase of 2.92 percent of assessments on Owensboro properties, the city could see and additional $314,000 for the upcoming year.