Tax rates drop slightly in Floyd

Floyd County Schools Superintendent Danny Adkins speaks during an Aug. 26 meeting.

Tax rates decreased slightly for one Floyd County taxing district, but all others will remain the same this year.

The Floyd County Fiscal Court accepted tax rates that have been approved by special taxing districts in the county during a special meeting on Wednesday, two days after the Floyd County Board of Education adopted its new tax rate, which decreased since last year.

The school district is the only taxing district that changed its tax rate this year, opting to approve a compensating rate so that the district will receive about the same amount of revenues as it did last year. Since the value of real property increased in Floyd County, the school district’s tax rate for real and personal property decreased by 0.1 cents per $100 of assessed value to 69.10 cents. The district’s rate for motor vehicles remained the same, 55.40 cents per $100 of assessed value.

The governing boards of all other taxing districts — the fiscal court, the Floyd County Cooperative Extension Office, the Floyd County Soil and Water Conservation District, fire departments, the health department and the library — did not change their tax rates this year.

The school district’s approval of the compensating rate came after Superintendent Danny Adkins reported that the district’s enrollment increased by between 48 and 50 students. Other board members pointed out that it’s the first time in decades that enrollment has increased or the district had a decrease in tax rates.

“Actually, I think it’s been years since there’s actually been a decrease in our tax rate. I think either it has stayed the same or gone up for many, many years,” Chairperson Sherry Robinson said. “I’ve been on this board for 15 years and I think this is the first time that we’ve seen a decrease.”

Dr. Chandra Varia said it also marked the first time she’s seen a decrease in decades.

“That’s really good for our county. Hopefully that helps us keep people at home as well,” Adkins said.

Robinson thanked the Floyd County Property Valuation Administrator.

Robinson said, “And thanks to the PVA for allowing that to happen. Because in order for the taxes to decrease, the estimated value of homes had to increase, so that was a big help for us to be able to do this.”

The value of real estate increased in Floyd County from $643.6 million in 2018 to $649.5 million this year, and commercial property values increased from $282 million to $284 million over the past year. The total equalized assessment, which includes values from property that is assessed locally as well as values for coal and mineral properties that are assessed by the state, increased from $1.38 billion in 2018 to $1.43 billion this year.  

The rates, as approved by various boards and adopted by the fiscal court include:

Floyd County Cooperative Extension

3.608 cents per $100 of assessed value on real property

5.2202 cents per $100 of assessed value on personal property

1.10 cents per $100 of assessed value for motor vehicle and watercraft

Floyd County Soil and Water Conservation District

1.8 cents per $100 of assessed value on real and personal property

Floyd County Fiscal Court

12.10 cents per $100 for real property

14.25 cents per $100 of assessed property for personal property

19.7 cents per $100 for motor vehicles and watercraft;

2.66 cents per $100 for aircraft

Fire Department Taxing Districts

10 cents per $100 of assessed value

Floyd County Health Department

6 cents per $100 of assessed value on real and personal property and motor vehicles

Floyd County Public Library

6.2 cents per $100 of assessed value on real property

8.63 cents per $100 of assessed value on personal property

Floyd County Board of Education

69.20 cents per $100 of assessed value on real and personal property

55.54 cents per $100 of assessed value on motor vehicles and watercraft

69.20 cents per $100 of assessed value on aircraft

Recommended for you

(0) comments

Welcome to the discussion.

Keep it Clean. Please avoid obscene, vulgar, lewd, racist or sexually-oriented language.
PLEASE TURN OFF YOUR CAPS LOCK.
Don't Threaten. Threats of harming another person will not be tolerated.
Be Truthful. Don't knowingly lie about anyone or anything.
Be Nice. No racism, sexism or any sort of -ism that is degrading to another person.
Be Proactive. Use the 'Report' link on each comment to let us know of abusive posts.
Share with Us. We'd love to hear eyewitness accounts, the history behind an article.