According to the Floyd County Chronicle, property tax rates will increase next year. The Floyd County Fiscal Court adopted a compensating rate for real and personal property tax. The real estate tax will increase by about 0.3 cents for every $100 of assessed value, from 11.80 to 12.10 cents, for this taxing year, while personal property tax will increase by 1.55 cents, from 12.70 to 14.25 cents. The county expects to receive only about $7,706 more than they did last year with this increase. County Treasurer David Layne and Floyd County Property Valuation Administrator Connie Hancock said the decline in the coal industry lead to the need for tax rate increases.