Lexington Kentucky Real Estate

The Georgetown KY city government is considering up to a 0.5% increase in the payroll tax to help address budgetary shortfalls.  It is estimated that for each increase of tax of 0.1%, that there would be generated approximately $1 million additional in tax revenue.  [So, for a 0.5% increase, approximately $5 million would be expected to be generated additionally for the Georgetown Kentucky government.]

The current financial picture for Georgetown KY is expected revenue of approximately $20.6 million, but it has projected costs of $22.6 million – a shortfall of $2 million.  So, they need to raise additional money (or cut expenses), to address the problem.

The city council members have been discussing an increase in payroll taxes of 0.1% – 0.2%, but Mayor Karen Tingle-Sames is going to recommend a 0.5% increase.  This would result in Georgetown Kentucky city residents in paying a payroll tax of 3%, while non-residents would pay 2.5%.  [Toyota Motor Manufacturing Kentucky employs 7000 persons - of which, roughly 2/3 live outside of Georgetown.]

To give an example:  if a person earned $50,000 annually, they would have a potential additional tax consequence of $250 per year.

This entry was posted on Friday, May 23rd, 2008 at 12:14 pm and is filed under Georgetown KY Real Estate, Scott County. You can follow any responses to this entry through the RSS 2.0 feed. Responses are currently closed, but you can trackback from your own site.