Corbin property taxes to decrease

Property taxes in Corbin will see a slight decrease this year.

The Corbin Board of Education has elected to decrease the property tax rate for 2021-22 from .693 per $100 of assessed value to .685.

“Based on all of the strife, the issue with folks out of work, the board wanted to keep it as close to zero gain as possible,” Superintendent Dave Cox said in making the recommendation during the board’s regularly scheduled meeting last Thursday.

Cox explained that a home with an assessed value of $100,000 would see the Corbin School Tax portion of the bill go from $693 to $685.

This is the second straight year that property owners in Corbin have not been subjected to an increase by the school board.

Last year, the rate remained the same. In 2019, the rate was increased by two percent.

“The state allows us up to a four percent increase,” Cox said.

The rate on tangible property is remaining the same at .699.

In a further effort to save money, the board approved the refinancing of $745,000 in revenue bonds that were used to finance the renovations to Corbin High School in 2011.

The bonds will still pay off in 2031, as the board cannot extend the life of debt.

Officials noted that the refinance is subject to the interest rate when the bonds are sold in approximately three weeks.

If the interest rates don’t generate a five percent savings, then the refinance cannot go through.

In other business:

Cox provided an update on the first month of the school year.

Cox noted that school are having an issue finding substitute teachers.

“Most days we are six to eight sub teachers short,” Cox said noting that principals are moving teachers around to cover planning periods, and even covering classes themselves.

“We are doing the best we can,” Cox said.

Cox said Corbin’s student enrollment hit just over 2,850 which is down approximately 100 from the last day of school in May.

“Part of that number is that we graduated one of our largest senior classes ever and then brought in a smaller kindergarten class,” Cox noted.