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In a plight to create funding for the 2008-09 budget, members of Oldham County Fiscal Court are reviewing two options proposed by financial officers that will create more taxing obligations for property owners.
Members of the finance committee discussed raising the insurance premium tax and creating a new taxing district for the Oldham County Cooperative Extension Service during a meeting Tuesday.
County financial officers proposed to double the insurance premium tax, which will raise from five percent of a property owner's insurance premium to 10 percent. According to Stan Clark, a county financial officer, this will provide nearly $2 million for the county's annual budget.
The proposal will be presented at a public hearing during the court's second meeting in November.
The option of creating a taxing district for extension services will relieve the county of a $154,000 payment for services. The University of Kentucky also provides about $177,000 in funding for services, which cost more than $330,000 to run.
Extension services seek to educate and improve the quality of life for Kentuckians by focusing on a community's needs.
The additional taxing district, which will cost homeowners less than a penny per $100 of property value, will eliminate the cost from the county's budget.
Magistrates David Voegele and Steve Church, both members of the finance committe, said they oppose creating more taxes for residents.
"In my estimation, we already have too many taxing districts now," said Voegele.
Magistrate Steve Greenwell, the third member of the finance committee, said he is open to the idea of creating the district. Voegele wants the court to take action against raising taxes despite the urgency for funding.
"I think we should take leadership and be responsible," he said.
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