Governor Andy Beshear announced the state property tax rate has decreased for the fifth consecutive year. The 2025 rate will be 10.6 cents per $100 of assessed value - down from 10.9 cents in 2024. He said this reduction was possible by putting Kentucky residents first and politics last.
“We looked at every problem on how we get the very best solution and outcome for every single Kentuckian, regardless of their registration. We didn’t get here by kicking each other while we’re down. We got here by lifting more people up, getting them into the work force, getting them productive, and ultimately helping them live a better life,” said Beshear.
Beshear said the federal government is wrong in that the only way to decrease taxes is to leave the most vulnerable behind.
“We’ve proven the opposite. We’ve lowered taxes and expanded healthcare. We’ve lowered taxes and invested in schools and students. We’ve lowered taxes and invested in build-ready sites across this state to spur economic development. And we’ve lowered taxes and increased our fiscal output,” said Beshear.
Since lowering taxes, Kentucky has gotten bond rating upgrades from every major bond rating agency and had the largest budget surplus in the Commonwealth’s history.
Beshear said he hopes to continue to decrease taxes.