Glasgow to consider tax rate tonight; historical tax rates

By Allyson Dix, Managing Editor, Barren County Progress

When it comes to setting tax rates for local government and school districts, there are three options:

• Adopting a compensating rate;
• Adopting a 4% increased tax rate; or
• Adopting a rate that will produce more than 4% additional revenue.

The City of Glasgow currently proposes to levy an ad valorem tax of real property at 0.169 per $100 of assessed valuation instead of the compensating rate of 0.165.

The compensating rate, according to the Kentucky Department of Revenue, is defined as the rate when applied to the current year’s assessment of real property and will produce a revenue amount that is approximately equal to that produced in the prior year.

While the 0.169 rate is the same rate adopted by city ordinance in 2023, it is expected to garner $62,770 in revenue. If Glasgow considers taking this year’s compensating rate at 0.165, they would still profit in revenue as opposed to last year with an additional $21,845.

Accepting last year’s rate instead of the compensating rate, the city can expect an additional $40,925.

Proposing rates outside the compensating rates has historically been the norm for Glasgow in recent years.

In 2018, under former Mayor Dick Doty, the council approved 0.174 versus the compensating rate of 0.170, a 4% increase above that year’s compensating rate.

In 2019, under former Mayor MD Armstrong, the council approved 0.173 versus the compensating rate of 0.167, a 6% increase above that year’s compensating rate.

In 2020, under Armstrong, the council approved 0.173 versus the compensating rate of 0.172, a 1% increase above that year’s compensating rate.

In 2021, under Armstrong, the council approved 0.174 versus the compensating rate of 0.172, a 2% increase above that year’s compensating rate.

In 2022, under Armstrong, the council approved 0.172 versus the compensating rate of 0.165, a 7% increase above that year’s compensating rate.

In 2023, under current Mayor Henry Royse, the council approved 0.169 versus the compensating rate of 0.163, a 6% increase above that year’s compensating rate.

Now, in 2024, under Royse, the council is set to consider the first reading of an ordinance tonight in the 6:00 p.m. council meeting (with a public hearing at 5:45 p.m. for the tax rate) to approve a 0.169 versus this year’s compensating rate of 0.165, a 4% increase above this year’s compensating rate.

Additionally, the following real property tax rates for the years 2007-2017 were approved for the city of Glasgow:

2017 – 0.174

2016 – 0.174

2015 – 0.174

2014 – 0.173

2013 – 0.176

2012 – 0.176

2011 – 0.176

2010 – 0.176

2009 – 0.165

2008 – 0.160

2007 – 0.156