The Fayette County Board of Education voted unanimously on Aug. 23 to adopt a rolled-back millage rate for its 2021 tax digest. The maintenance and operations rate will be 19.334 mills and the district bond rate will be 1.1 mills, for a total of 20.434 mills. The proposed rates were advertised earlier this month but no public hearings were required since there was no tax rate increase.
Chief Financial Officer Tom Gray noted at previous board meetings that recent reassessments of property had increased 6.34% in the county, adding $405.4 million to the tax digest; new growth in taxable properties also added about $105.6 million. However, homestead exemptions also increased and reduced some of the overall revenue.
The Fayette County Board of Commissioners and the state tax commissioner must still approve the millage rate before it’s final. The school system’s FY2022 general fund budget is $223.3 million.
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