Property Taxes

Hardin County Government property tax rates are the lowest in recent memory!

Hardin County Government receives less than 15 cents of every dollar you pay in property tax.  Almost 60 cents of each dollar goes to the local schools while the state receives about 22 cents.

The county’s 15 cents of each property tax dollar will produce approximately $4.3 million; 12% of the county’s $35 million Fiscal Year 2006/2007 operating budget.

Property taxes are assessed based upon each $100 of assigned valuation.  The Property Valuation Administrator, a state office under the purview of the State Finance Cabinet, determines the value of your property. 

Hardin County Fiscal Court sets the County (not school, state, etc.) property tax rates  (not the property valuation). 

In tax year 2003, Hardin County Fiscal Court lowered county property rates from 11.4 to 11.3 per $100 of valuation.  This was the first time county property tax rates were set below the maximum allowed by the state statute in over 13 years and the lowest rate set since 1991. 

In tax year 2004 we lowered rates again to 11.2 per $100 of valuation.  In 2005 we kept rates at 11.2, the third year in a row of setting county property tax rates below the maximum allowed - something never done in anyone’s memory. 

In September 2006 I anticipate Fiscal Court will once again set this year’s county property tax rates less than the maximum allowed by state statutes.

I do not believe government should place an unfair share of its revenue needs on the backs of property owners.  Each year the value of your property increases due to inflation thereby increasing the base upon which your property tax rate is applied. 

Maintaining stable tax rates allows tax revenues to increase to keep pace with inflation.  Increasing tax rates would produce more government revenue from property owners (through increased taxes) in amounts outpacing the rate of inflation.  While I believe it is fair and necessary for government to receive increases in revenue to keep pace with the increased costs of doing business due to inflation, I do not believe additional revenue should be built solely on increases to property owners.

Maintaining stable (and lower tax rates than the maximum allowed) for the past three tax years has resulted in increased tax revenue for the county in line with keeping pace with the rate of inflation. 

In tax year 2002 county government received less than $3.4 million in property tax revenue.  This past tax year we received approximately $4.1 million.  Over the last three tax years this amounts to a $700,000 increase in county government property tax revenue based on increased property valuations and new property (homes, businesses, etc.) being added to the tax base – NOT THROUGH INCREASED TAX RATES.