BOE accepts compensating rate
SALYERSVILLE – In a brief special-called meeting the Magoffin County School Board unanimously voted to adopt the compensating rate for real estate and personal property taxes for the 2017 – 2018 school year.
On Thursday, September 21, the motion to take the compensating rate, which is 60.8 cents per $100, was unanimously approved, though Board Chairman Rodney Ward was not present at the meeting.
The hike in the compensating rate, which is determined by the state to generate approximately the same amount of revenue as the previous year, comes at the heels of the decision from the Department of Revenue to strike a large portion of unmined minerals from the county’s property assessment.
Magoffin County Schools Superintendent Scott Helton reiterated in last week’s regular school board meeting that he doesn’t believe the property owners should be taxed on unmined minerals, though he said this sudden change in taxable assets for the county is leaving them in an impossible position of either raising taxes or face potentially having to lay off employees, which he has often stated he does not want to do.
In total, the state’s decision to cut assessment values for unmined minerals off the county’s books has taken an estimated $194,000 out of the school board’s budget between the last year and the current school year. That, along with the possibility of Kentucky Retirement costing the district an additional $300,000, and the governor wanting to cut all state budgets by 17.4 percent (or $69 million from the Department of Education), he said they will have to continue to make tough decisions, though he said he is in constant contact to find out if they will be able to find some relief at the state level for the situation.
In other news, the test scores will be released officially to the public today, with a full story on how Magoffin County School ranked in next week’s paper.