(A) An ad valorem tax is hereby imposed upon all motor vehicles held or owned by any person, corporation or association in any name, or its agent, within the city, which is subject to taxation under the laws of the Commonwealth of Kentucky.
(B) All ad valorem property taxes shall be paid to the City Clerk/Treasurer, except all ad valorem property taxes on motor vehicles shall be collected by the Jefferson County Clerk in conformity with KRS 132.487.
(C) The City Commission shall set the tax rate on all motor vehicles for the ad valorem tax.
(D) All property subject to taxation within the city shall be assessed for taxation purposes as of January 1 of each year.
(E) For purposes of the levying and collection of this ad valorem taxes on motor vehicles, the city shall use the assessment required to be made pursuant to KRS 132.487(5).
(F) The rate of tax upon all property described above shall be at the rate as established by the City Commission on each $100 of assessed valuation.
(Ord. 91-6, passed 8-5-91; Am. Ord. 93-2, passed 3-1-93; Am. Ord. 94-5, passed 3-15-94; Am. Ord. 95-3, passed 1-9-95; Am. Ord. 96-3, passed 2-5-96; Am. Ord. 97-3, passed 1-13-97; Am. Ord. 98-3, passed 2-9- 98)