Commercial and residential property owners across Boone County will pay a school tax rate of 64.6 cents per $100 of assessed value on real property next fiscal year under rates the district formally published Aug. 17.
The public notice posted on the Boone County Schools website projects $147.8 million in general fund revenue for FY 2027, a $10.1 million increase over the $137.7 million collected in FY 2026. The personal property rate stays flat at 65.5 cents per $100.
The real property rate actually drops 0.9 cents from last year's 65.5 cents. Revenue still climbs. Assessed property values grew countywide, with $27.3 million of the projected total coming from new and personal property.
The rate is not subject to recall under KRS 132.017, meaning property owners and businesses cannot petition to challenge it once the board formally adopts it.
What the money funds
The district says revenue above last year's collections will go toward salaries, instructional technology, student safety, an early childhood center and general inflation affecting daily operations. A portion is also restricted to the building fund and cost of collections.
The board approved a $41.93 million general obligation bond on June 11 to finance acquisition, construction and equipping of the Early Childhood Development Center. The district's tentative FY 2027 working budget, approved in May under Superintendent Jeff Hauswald, totals $373.5 million, roughly $17,850 per student.
New two-step process
The Aug. 17 posting follows the board's Aug. 13 vote to formally propose the rates, as we reported Aug. 12. Under a state law passed this spring, districts must publish proposed rates for two weeks and then hold a separate public hearing before final adoption. Previously, boards could set rates in a single meeting.
The public hearing date has not been announced. Under the law, it must fall at least two weeks after the Aug. 13 vote, placing it no earlier than Aug. 27.
What it means for property owners
The compensating rate, which would generate the same revenue as the prior year excluding new growth, is 62.2 cents on real property and 63.2 cents on personal property. The board's proposed rate exceeds that by 2.4 cents on real property, generating roughly $5.4 million more than the compensating rate alone would produce.
At last year's rate, a home assessed at $100,000 owed $655 in school taxes. Under the proposed FY 2027 rate, that same home would owe $646, a $9 reduction, though rising assessments could offset or exceed that savings on any individual property.
The board must hold a public hearing before rates become final. The full notice is posted at boone.kyschools.us.
