Notice of Public Hearing on Proposed Property Tax Rates
Pursuant to KRS 132.027, the City of Elkton, KY will hold a Public Hearing on Thursday, September 8, 2022 at 6:00 p.m., local time, in Elkton City Hall, 71 Public Square, Elkton, Kentucky, to hear comments from the public regarding a proposed real property tax rate of $.249 per $100 valuation and proposed personal property tax rate of $.1598 per $100 valuation. As required by law, this includes the following information:
Tax Rate Per $100 Assessed Valuation – Revenue
Preceding Year’s Tax Rate and Revenue Generated – $ .249 (Real) -$ 175,633 and $ .1676 (Personal) – $ 16,741
Tax Rate Proposed for 2022 and Expected Revenue – $ .249 (Real) – $ 191,356 and $ .1598 (Personal) – $ 18,239
Compensating Tax Rate and Expected Revenue – $ .240 (Real) – $ 184,440 and $ .1540 (Personal) – $ 17,577
Revenue Expected from New Real Property – $ .249 (Real) – $ 8,909
All revenues in excess of the amounts generated over the previous year will be allocated to all City operating departments, including: Police, Fire, Public Works, Culture and Recreation, and General Administration. The Kentucky General Assembly has required publication of this advertisement and the information contained herein.
Original source can be found here.
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