The Hopkinsville City Council Committee of the Whole will consider what to do with the property tax rate when it meets Thursday night.
Mayor Carter Hendricks’ budget for the current fiscal year that was approved by City Council includes a 4-percent increase in revenue from property taxes. That would mean raising the rate from 23.1 to 23.9 cents per $100 of assessed value on real property—an extra eight dollars for the owner of a $100,000 home.
If council were to leave the rate the same, there would be an estimated $101,000 shortfall in revenue in this year’s budget, according to Chief Financial Officer Robert Martin, who is recommending that council adopt the increase.
Martin notes the city has not taken the 4-percent increase in revenue in over a decade and in 2014 council actually dropped the rate by half of a cent. He is recommending that the Committee forward on the increased rate to Hopkinsville City Council for first reading September 3 and final reading could be September 17.
Committee of the Whole meets at 6 p.m. Thursday in council chambers at City Hall.