Kentucky’s property tax rate remains unchanged for 2014.
The state Department of Revenue has set it at 12.2 cents per $100 of assessed value.
State statute requires the Revenue Department to set the rate by July 1 of each year.
It's based on income generated from taxable property assessments over the past fiscal year.
If the revenue increase is more than 4 percent after the exclusion of new property added to the tax roll during 2014, then the prior year rate must be reduced. Because the increase for this year is estimated at just over 1.5 percent, the state rate will remain the same as it was in 2013 rate.
All of the money generated from state property tax goes into the Commonwealth’s General Fund.