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78.5 Cents Somerset County Tax Assessment: School District Implements Lowered Tax Rate per $100 of Real Property Value

Somerset County tax assessment
The Somerset County local school board's introduction of a tax rate, influenced by the ongoing Somerset County tax assessment, is expected to ease the tax burden while projecting a 4% surge in school district revenue. (PHOTO: TAPinto)

Somerset County Tax Assessment Drives Positive Change: Local School Board Introduces Tax Rate Reduction Amid Revenue Surge and Data Security Success

Amid Somerset County tax assessment changes, the school board’s decision to lower the tax rate in the Somerset Independent tax district for the upcoming fiscal year, while expected to ease taxpayer burdens, projects a surprising 4% revenue increase; however, potential gaps in funding due to decreased state-provided resources raise concerns.

Somerset County tax assessment

The Somerset County local school board’s introduction of a tax rate, influenced by the ongoing Somerset County tax assessment, is expected to ease the tax burden while projecting a 4% surge in school district revenue. (PHOTO: Town of Oyster Bay)

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Somerset County Tax Assessment Spurs Tax Rate Cut: School Board’s Move to 78.5 Cents Delivers Revenue Rise

In a favorable development for taxpayers within the Somerset Independent tax district, spurred by the ongoing Somerset County tax assessment, the local school board has introduced a tax rate reduction for the approaching fiscal year. According to Commonwealth Journal, the adjustment brings the new rate to 78.5 cents per $100 of assessed property value, representing a slight decrease from the preceding year’s rate of 78.8.

While this adjustment, influenced by the ongoing Somerset County tax assessment, is anticipated to alleviate the tax burden, it’s worth highlighting that it’s projected to yield a 4% surge in the school district’s revenue, approximately amounting to $200,000. The report stated that Superintendent Kyle Lively commended this strategy of augmenting revenue while reducing taxes, underscoring the significance of taxpayer-funded quality education.

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Ongoing Somerset County Tax Assessment Sparks Fiscal Considerations: Tax Rate Reduction and Funding Hurdles Addressed

The report further stated that even with the enhanced financial prospects influenced by the Somerset County tax assessment, the reduced tax rate might not counterbalance the state funding resulting from the effects of the pandemic on the Support Education Excellence in Kentucky (SEEK) program. Because of the influence of ongoing Somerset County tax assessment, there is a reduced student enrollment and attendance contributed to this issue, resulting in a $400,000 decrease in SEEK funds for the Somerset district last year. Superintendent Lively remains hopeful for an enrollment and attendance rebound after the pandemic, potentially leading to increased SEEK funding in the future.

Additionally, against the backdrop of the same board meeting and considering the ongoing Somerset County tax assessment, the district’s Technology Coordinator, Mike Reynolds, provided uplifting information: the district maintained its record of avoiding data breaches for yet another year. Reynolds underscored the protocols in place to address potential breaches, encompassing security enhancements, notifications to authorities, and the individuals directly impacted. This accomplishment further underscores the district’s dedication to data security, aligning with the Kentucky Department of Education’s breach notification directives, all of which transpired against the ongoing Somerset County tax assessment.

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