The South Western Kentucky Economic Development Council reviewed regional property tax rate history and discussed its possible economic implications at their Monday meeting.
Council Executive Director, Carter Hendricks spotlighted the property tax rates for Christian, Todd and Trigg counties over the last 10 years and the direction state taxes will be taking in 2024.
Hendricks reported that the state income tax is set to decrease from the 6% rate set in 2019 to 4% starting in 2024 and says the rate decrease will help fuel state and regional population and workforce development.
In the 10-year property rate tax reflection, Christian, Todd, and Trigg counties have either maintained consistent rates or have seen decreases. Todd County has been consistent with a rate of .09 cents per $100 of assessed value on real property.
Both Trigg and Christian counties have seen decreases over the last 10 years will Trigg County currently having a rate of .08 cents per $100 and Christian County currently having a rate of .187 per $100 of assessed value of real property.
Hendricks says the decreasing and consistent rates are low in comparison to the national average and show that the region has been investing in itself.
Concluding the meeting, Hendricks highlighted upcoming events in the region with one of them being the announcement ceremony for the Toyota Boshoku smart facility set for Commerce Park II. The ceremony will be on October 4 at 2 p.m. at the James E. Bruce Convention Center.