SALYERSVILLE – Equipment is slated to mobilize this week to the construction site for the new Magoffin County Public Library, with crews set to begin work next week.
Magoffin County Public Library Director Melanie Cain updated the board in their regular meeting on Tuesday, August 8, that Codell Construction informed her that the equipment would be mobilizing this week, with work on the site starting next week. The on-site construction manager will be at the construction location daily starting next week, as well.
In other news, the library board unanimously agreed to take the compensating rate when setting their taxes on Tuesday. The board has been operating on the 2015 rates, opting out of raising the taxes for the past two years, however, they felt it necessary to take the compensating rate this year in order to keep moving forward.
With the compensating rates, real property will be 11.7 percent, personal property 20 percent and motor vehicle 2.57 percent. That is up from the 2015 rates of real property 8.7 percent, personal property 16.25 percent, and motor vehicle 2.57 percent. The compensating rate is determined at the state level and basically only guarantees the taxing district to receive the same amount of revenue as the previous year. Had the library board chose not to take the compensating rate, they would have lost out on an estimated $88,000 in annual revenue next year.
To put it into perspective, Board Chairman David May emphasized that a resident’s annual tax bill for a property valued at $100,000 would increase from $87 to $111.70.
Kentucky Department of Archives and Libraries Regional Director Tim Gampp explained to the board that libraries with building projects generally take the compensating rate.
The next regularly-scheduled Magoffin County Public Library Board meeting is scheduled for September 12 at 4 p.m.