Campbell County, Kentucky is a thriving community located in the northern part of the state. With a population of over 93,000 residents, it is one of the fastest-growing counties in Kentucky. As with any growing community, there are always discussions and proposals for changes to tax policies. In this article, we will take a closer look at the current tax policies in Campbell County and any proposed changes that may be on the horizon.
The Current Tax Policies in Campbell County
Before we dive into any proposed changes, let's first understand the current tax policies in Campbell County.The county has a property tax rate of 0.0115%, which is slightly lower than the state average of 0.012%. This means that for every $100 of assessed property value, a homeowner in Campbell County would pay $11.50 in property taxes. In addition to property taxes, the county also has a sales tax rate of 6%, which is consistent with the state's sales tax rate. This means that for every $100 spent on taxable goods and services, $6 would go towards sales tax. Another important aspect of tax policies in Campbell County is the occupational tax. This is a tax imposed on individuals who work within the county.
Currently, the occupational tax rate is 1.45%, which is lower than neighboring counties such as Kenton and Boone.
Proposed Changes to Property Taxes
One of the proposed changes to tax policies in Campbell County involves property taxes. The county's fiscal court has been discussing a potential increase in property taxes to help fund various projects and services within the county. The proposed increase would raise the property tax rate from 0.0115% to 0.0125%. While this may seem like a small increase, it would result in an additional $10 for every $100,000 of assessed property value. This increase would generate an estimated $1.5 million in revenue for the county. The proposed increase has been met with mixed reactions from residents.Some argue that the additional revenue is necessary to fund important projects and services, while others believe that the county should find alternative ways to generate revenue without increasing property taxes.
Changes to the Occupational Tax
Another proposed change to tax policies in Campbell County involves the occupational tax. The county's fiscal court has been discussing a potential decrease in the occupational tax rate from 1.45% to 1.25%. This would make the occupational tax rate consistent with neighboring counties such as Kenton and Boone. The proposed decrease has been met with support from many residents and businesses within the county. They argue that a lower occupational tax rate would make Campbell County more attractive to businesses and potentially bring in more job opportunities. However, there are also concerns about the potential loss of revenue for the county if the occupational tax rate is decreased.The current rate generates an estimated $6 million in revenue for the county, and a decrease could result in a significant loss of funds.
Other Proposed Changes
In addition to changes to property and occupational taxes, there have been discussions about implementing a local option sales tax in Campbell County. This would allow the county to impose an additional sales tax on top of the state's sales tax rate. The revenue generated from this additional tax would go towards specific projects or services within the county. There have also been talks about implementing a payroll tax, which would be imposed on individuals who work within the county. This would be similar to the occupational tax but would apply to all forms of income, including wages, salaries, and bonuses.Conclusion
As with any proposed changes to tax policies, there are always differing opinions and concerns.While some may argue that an increase in property taxes is necessary to fund important projects and services, others may believe that the county should find alternative ways to generate revenue. Similarly, while a decrease in the occupational tax rate may attract more businesses and job opportunities, there are also concerns about the potential loss of revenue for the county. Ultimately, it will be up to the county's fiscal court to make a decision on any proposed changes to tax policies in Campbell County. As residents and taxpayers, it is important for us to stay informed and voice our opinions on these matters. After all, tax policies directly impact our community and our wallets.
