Lexington Voters to Decide on New Park Tax
Lexington, Ky. – Voters in Lexington will soon face a decision on a proposed tax intended for park funding. The measure, if approved, will introduce an additional charge on all property taxes, creating a dedicated fund for park improvements throughout the city.
The group ‘Yes for Parks Lexington Inc.’ has estimated that this program will cost the average homeowner approximately $1 a week, totaling around $52.88 a year. However, the Fayette County Property Valuation Administrator (PVA) reveals that the average home assessment this year stands at $277,500. Consequently, if the park tax is enacted, the average homeowner would actually face an increase of about $62 a year, which is $10 more than the initial estimate provided by the advocacy group.
Market data also indicates a rising trend in home prices. The latest statistics from Bluegrass REALTORS note that the average sale price for homes in Fayette County reached $396,161 last month. Homeowners purchasing at this average price would incur an annual tax increase of $89.14 if the tax proposal is approved.
Importantly, no properties would be exempt from this tax increase unless they are designated as tax-exempt, including churches, non-profits, schools, and government buildings.
If approved, this park tax is projected to generate an additional $8 million annually for city leaders to allocate towards park enhancements and upkeep. The decision will be a critical one for voters, impacting community resources and recreational space in Lexington.
When voters will cast their ballots on this tax measure has yet to be announced, but the potential implications for property tax and community park facilities remain clear.
