Tax Rate Going Down for Property Owners in Floyd County

Property owners in Floyd County will see their tax rates go down starting July 1st.

During their regular meeting Monday, Floyd County Supervisors approved their 2023-24 fiscal year budget. With it, the tax rate for rural areas will decrease from its current rate of about $10.56 per $1000 taxable valuation, down to just under $9.90.  The tax rate for urban areas will go from just over $6.91 currently down to about $6.30 with the new fiscal year.

Supervisor Chair Mark Kuhn said the budget met their primary goals.

The final budget comes with little “wiggle room.”

Kuhn also noted that trimming the budget included reducing raises for elected officials recommended by the Compensation Board by 70%.

Supervisors voted to take no pay raises themselves in the next fiscal year.

Kuhn added that there are still budget challenges ahead, especially if the legislature approves additional property tax relief that could mean less revenue for the County.