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 various tax policies in place to support the local government and provide essential services to its residents.
The Role of Taxes in Campbell County
Taxes play a crucial role in the functioning of any county, and Campbell County is no exception. The revenue generated from taxes is used to fund public services such as education, infrastructure, public safety, and social services.It also helps to maintain and improve the quality of life for its residents. There are several types of taxes that residents of Campbell County pay, including property taxes, sales taxes, and income taxes. Let's take a closer look at each of these tax policies and how they impact the county's finances.
Property Taxes
Property taxes are the primary source of revenue for Campbell County. They are based on the assessed value of real estate properties within the county. The county's property tax rate is currently set at 0.0115%, which means that for every $100 assessed value, residents pay $0.0115 in property taxes. The county's property tax rate is relatively low compared to other counties in Kentucky.This is due to the county's strong economic growth and development, which has allowed for a more diverse tax base. However, property owners should note that their property values can increase over time, which may result in higher property tax bills.
Sales Taxes
Campbell County also collects sales taxes on goods and services purchased within its borders. The current sales tax rate is 6%, with 5% going to the state and 1% to the county. This tax is applied to most goods and services, with a few exceptions, such as groceries and prescription drugs. The sales tax revenue is an essential source of income for the county, as it helps to fund various services and projects.It also helps to reduce the burden on property owners by diversifying the county's revenue streams.
Income Taxes
Income taxes are another significant source of revenue for Campbell County. The county collects a local income tax of 1.45% on earned income, which is in addition to the state income tax of 5%. This means that residents of Campbell County pay a total of 6.45% in income taxes. The income tax revenue is used to fund various county services, including public safety, education, and infrastructure. It also helps to support economic development initiatives that promote job growth and attract new businesses to the area.Recent Changes in Tax Policies
In recent years, there have been some changes in tax policies in Campbell County.In 2018, the county passed a new occupational tax ordinance that increased the local income tax rate from 1% to 1.45%. This change was necessary to address budget shortfalls and maintain essential services for residents. Additionally, in 2020, the county implemented a transient room tax, also known as a hotel tax. This tax is applied to hotel stays within the county and is used to fund tourism-related projects and initiatives.
How Tax Policies are Determined
The Campbell County Fiscal Court is responsible for setting and implementing tax policies within the county. The court consists of six elected magistrates and a judge-executive who work together to make decisions on behalf of the county's residents. The court conducts regular budget meetings to review the county's finances and determine the appropriate tax rates to support its operations.These meetings are open to the public, and residents are encouraged to attend and provide input on tax policies.
