Exemptions for state-owned property add up to $7M in missed revenue for Frankfort Independent School

Exemptions for state-owned property add up to $7 million in missed revenue for Frankfort Independent Schools

In many ways, Frankfort students are fortunate to be in Kentucky’s capital. They have the attention of the Kentucky Department of Education and access to events, legislators and other state agencies that often inspire students to pursue careers they might not otherwise consider.

But these benefits continue to come with a price, according to Frankfort Independent Schools Superintendent Houston Barber. The property that is home to Frankfort’s many state agencies is among the $790 million in tax-exempt property here. At the district’s current property tax rate of 0.894 percent, Frankfort Independent Schools miss out on $7 million in revenue, according to a State Journal analysis of the latest data from the Franklin County Property Valuation Administration. The district has a budget of $10 million.

Of the $1 billion worth of property in Barber’s district, over three-quarters is tax-exempt, the majority of which is state-owned. By contrast, of the $3 billion worth of property in the Franklin County Public School district, just 15 percent is tax-exempt, according to The State Journal’s analysis.

Barber, who became superintendent at the start of the 2015-16 school year, has pushed for legislation to be passed that would allow his district to retain more of the tax revenue it collects. In the wake of another legislative session drawing to a close, Barber says legislators in Frankfort are missing an opportunity to “be the beacon of light” for education in the commonwealth and be “truly equitable in our schools.”

Read more: http://www.state-journal.com/2017/04/05/tax-free-exemptions-for-state-owned-property-add-up-to-7-million-in-missed-revenue-for-frankfort-independent-schools/