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NOTICE TO THE PUBLIC

The Woodford County Board of Education would like to provide an update regarding financial numbers received on August 11, 2026, from the Kentucky Department of Revenue and Department of Education. The Board of Education will hold a regular board meeting at the Woodford County Central Office Board Room (180 Frankfort Street, Versailles, Kentucky 40383) on August 24, 2026, starting at 6:00 PM ET/5:00 PM CT to vote on the proposed general fund tax rate of 63.3 cents on real property with public comments available.

The General Fund tax levied in fiscal year 2025-2026 was 63.3 cents on real property and 63.3 cents on personal property and produced revenue of $26,754,966.

The tax rate formulated to produce revenue from real property at least equal to the revenue produced from real property in the preceding year (Compensating Tax Rate) is 60.1 cents real property and 60.1 cents on personal property and is expected to produce revenue of $26,754,965.

The tax rate formulated to produce a four percent (4%) revenue increase over the compensating tax rate is 62.5 cents on real property and 62.5 cents on personal property and is expected to produce revenue of $27,823,383.

The Woodford County Board of Education proposes to levy a real property tax rate of 63.3 cents, which exceeds the compensating tax rate by 5.32% and is expected to produce total local revenue of $28,179,523.

On August 4, 2026, the Woodford County Board of Education held a previously announced public tax hearing as required by KRS 160.470.

NOTICE IS HEREBY GIVEN THAT THE PORTION OF THIS PROPOSED TAX RATE WHICH WILL PRODUCE REVENUE FROM REAL PROPERTY IN EXCESS OF A FOUR PERCENT (4%) INCREASE OVER THE AMOUNT OF REVENUE PRODUCED BY THE COMPENSATING TAX RATE IS SUBJECT TO A VOTER RECALL PETITION PURSUANT TO KRS 160.470.

Additional district financial details and budget transparency metrics can be viewed by the public on the https://www.woodford.kyschools.us/budget.

Property Tax Statutory Requirements Update

Per the Kentucky Department of Education Commissioner's Office

Updates on Review of Property Tax Statutory Requirements

KRS 160.470 provides the process by which a local board of education annually adopts property tax rates. Because of a question about the process from a district, the Kentucky Department of Education (KDE) recently conducted a review of the statutory requirements.

The review determined that the statute permits a local board of education to adopt a tax rate up to and including the 4% tax rate without advertising or holding a public hearing. In the past, KDE provided guidance that a board was required to advertise and hold a hearing if they exceeded the compensating rate. Exonerations may be included in the property tax adoption, but will not trigger any additional advertising or hearing requirements.

KRS 132.0225 provides that, unless the local board is adopting a tax rate, excluding exonerations, above 4%, they must adopt a property tax rate within 45 calendar days of the Department of Revenue’s property certification for the school district. If this requirement is not met, the compensating tax rate will be applied to that year’s tax bills.