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School board approves lower property tax rate for 2021-22

The Fayette County Board of Education voted Aug. 23 to approve a property tax rate for 2021-22 -- lowering it from 81 cents to 80.8 cents per $100 of assessed valuation, thanks in large part to Lexington's booming real estate market. The board hosted a public hearing earlier in the afternoon to welcome comments; no one from the community attended.

Even with the lower rate, school officials estimate property tax revenue will increase $11.5 million, which enables FCPS to expand the Rise STEM Academy for Girls, open the Carter G. Woodson Preparatory Academy, purchase textbooks and instructional resources for all schools, increase salaries for employees for the first time in five years, cover increasing utility rates and insurance costs, pay teachers for an additional day to prepare their classrooms, and adjust the salaries of hourly employees to acknowledge prior industry experience.

 

Contact: Rodney Jackson, director of Financial Accounting & Benefits Services; (859) 381-4141


(Revised Aug. 23; posted Aug. 20, 2021)