At a special held board meeting Wednesday, the Hardin County Schools board of education in a 3-2 vote approved a 2.6 percent tax rate increase on personal property.
For example, in the case of a $100,000 home, it would be $17 more per year in taxes based on the assessed value of a home.
John Stith, chief operations officer, said the district looked at how much they’ve increased rates since 2015, which have increased at a rate of 6/10 of one cent.
The current tax rate is 63.5 cents per $100 of assessed value on personal and real property. The new rate will be 65.2 cents on each $100 of assessed value.
Half of the district’s funding comes from this sector, while the other half comes from SEEK funding.
John Emary, Ben Sego and Kay Sharon voted for the hike and Dawn Logsdon Johnson and Charlie Wise voted against it.
Tax rates can be affected by numerous aspects including inflationary costs, increased insurance costs and benefits matching increasing.
Stith said recurring expenses are outpacing revenue increases, and the district has had a flat-lined revenue for the most part, making the tax increase necessary, he said.
“I hope people would understand it’s never an easy decision and that our board really works hard to be as efficient with the resources we’re given as possible,” Stith said.
He said HCS residents should see this change about Nov. 1 when tax bills go out.