Over the next few weeks your friendly local neighborhood Taxing Authorities will be releasing their requested property tax extensions. We think we can safely predict that none of them will be less than last year although some may be claiming they are "reducing taxes" because they are temporarily lowering the tax rate.
In addition, the "stealth tax" - the silent tax hikes due to rising appraisals - will continue to rise. This is due to taxing districts spending the increased property taxes from higher appraisals but not lowering the tax rates.
There are three factors to keep in mind when reviewing these extensions. The first is the tax rate, which Woodford County for example, plans to lower. The second is the EAV (equalized assessed valuation). That's the sum of all the assessed valuation property in the taxing area. The last is the levy, which is what the taxing district says it needs to operate, which Woodford County for example, will be up.
To avoid the confusion, which benefits the taxing authorities because it decreases criticism from the public, the easiest thing for a voter to do is focus on spending by the taxing authorities. Is it up? How much? Is that reasonable? Where is this "new money" coming from?
The real issue for the County, School Districts, Library Districts, Fire Districts, Community Colleges (especially ICC) is SPENDING, and how much is the budget increase? The rest can be, and usually is, smoke and mirrors.
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