Provides funding to school districts with high percentages of tax-exempt property.
The bill amends Kentucky law to require the Finance and Administration Cabinet to contract with local boards of education in districts where at least 65% of the total assessed value of real property is exempt from property taxation. It mandates that these boards receive a payment to recoup at least 25% of the total property tax revenue lost from the tax-exempt properties each year. This funding aims to support school districts that rely heavily on property taxes but face reduced revenue due to a high percentage of tax-exempt properties.
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