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§ 36.04 AD VALOREM TAXES ON MOTOR VEHICLES.
   All motor vehicles within the corporate limits of the city subject to tax for city purposes shall be assessed each year in accordance with KRS 132.487, and ad valorem taxes shall be levied thereon for city purposes. All ad valorem taxes on motor vehicles shall be collected by the County Clerk in accordance with the procedures set forth in KRS 134.800 through 134.990.
(Prior Code, § 36.04)
§ 36.05 DUE AND DELINQUENCY DATES; PENALTIES AND INTEREST.
   (A)   Pursuant to KRS 134.810, ad valorem taxes on motor vehicles shall be due and payable on or before the last day in the month in which registration is required by law for all motor vehicles renewed. Tax bills remaining unpaid following the end of the month in which motor vehicle registration is required shall be considered delinquent.
   (B)   Any taxes which are paid within 30 days of becoming delinquent shall be subject to a penalty of 3% on the taxes due. Any taxes which are not paid within 30 days of becoming delinquent shall be subject to a penalty of 10% of the taxes due. In addition, interest at an annual rate of 15% shall accrue on the taxes and penalty from the date of delinquency.
(KRS 134.810(2), (3)) (Prior Code, § 36.05)
§ 36.06 USE OF AD VALOREM TAX REVENUES.
   All monies derived from ad valorem taxes levied by the city shall be deposited in the General Fund of the city and shall be used and expended in defraying current, general and incidental expenses of the city.
(Prior Code, § 36.06)
§ 36.07 BANK FRANCHISE AND LOCAL DEPOSIT TAX.
   (A)   There is hereby imposed on all financial institutions, as defined in KRS Ch. 136, located within the corporate limits of the city, for the 1996 tax year and all subsequent years, a franchise tax at the rate of 0.025% on all deposits, as defined in KRS Ch. 136, maintained by such financial institutions.
   (B)   For transition purposes, the 1996 tax year will be treated differently in terms of collection of taxes than for all subsequent years. For the 1996 tax year, the following timetable is hereby established. The city will issue tax bills to financial institutions no later than 5-1-1997. Payment of the tax shall be due with a 2% discount by 5-31-1997, or without the discount by 6-30-1997.
   (C)   For all tax years subsequent to the 1996 tax year, the following timetable is hereby established. The city will issue tax bills to financial institutions no later than December 1 of each year. Payment of the tax shall be due with a 2% discount by December 31 of each year, or without the discount by January 31 of each year.
   (D)   The city shall have a lien for taxes on the property assessed for taxes to the extent allowed under KRS 134.420.
   (E)   All taxes due in accordance with this section which are not paid before 6-30-1997, for the tax year 1996, or which are not paid before January 31, for all subsequent tax years shall be deemed delinquent and shall be subject to a penalty of 10% and shall bear interest at the rate of 6% per annum.
   (F)   All moneys collected pursuant to this section shall be paid into the General Fund of the city to be used for the payment of proper expenditures as determined by the City Council.
(Prior Code, § 36.07) (Ord. passed 9-3-1996)