The following ad valorem tax rates for Fiscal Year ending June 30, 2025 for Metro Government, be and the same are hereby enacted as follows:
(A) Metro Government and Urban Services District real property tax rates. The tax per $100 of assessed valuation of real property, including public service corporations, shall be set at 12.10 cents for general Metro Government purposes. Provided, however, in addition to that set for general Metro Government purposes, the tax per $100 of assessed valuation of real property within the Louisville Urban Services District, including public service corporations, shall include an additional levy of 31.90 cents for Urban Services District purposes for the Fiscal Year ending June 30, 2025.
(B) Metro Government personal property tax rates. A tax per $100 of assessed valuation of tangible personal property, including public service corporations and distilled spirits but excluding merchants’ inventories, manufacturers’ finished goods, goods stored in a warehouse/distribution center, and aircraft not used in the business of transporting persons or property for compensation or hire, shall be set at 16.60 cents for general Metro Government purposes for the Fiscal Year ending June 30, 2025.
(C) Metro Government bank franchise and local deposit tax. There is hereby imposed on all financial institutions, as defined in KRS 136.500, located within Metro Government a franchise tax at the rate of 0.025% on all deposits, as defined in KRS 136.575, for general Metro Government purposes, for the Fiscal Year ending June 30, 2025. As provided in KRS 136.575(3) a tax bill shall be sent to the financial institutions no later than December 1, 2024 and require payment with a 2% discount by December 31, 2024 or without discount by January 31, 2025.
(D) Metro Government tax on taxable capital of domestic life insurance companies. There is hereby imposed upon domestic life insurance companies incorporated under the laws of the Commonwealth of Kentucky, in which the principal office of the company is located within Metro Government, a tax of $0.15 on each $100 of “taxable capital” as provided for in KRS Chapter 136 for general Metro Government purposes for the Fiscal Year ending June 30, 2025.
(E) Limitations on tax rates established by the Louisville Urban Services District Board.
(1) The ad valorem tax levy on tangible personal property within the Urban Services District
for the Fiscal Year ending June 30, 2025, including public service corporations but excluding distilled spirits, merchants’ inventories, manufacturers’ finished goods, goods stored in a warehouse/ distribution center, aircraft not used in the business of transporting persons or property for compensation or hire and motor vehicles, which levy is set by the Urban Services District Board and is in addition to the levy for general Metro Government purposes, shall be set at 56.60 cents on each $100 of assessed value.
(2) The ad valorem tax levy on the taxable capital of domestic life insurance companies incorporated under the laws of the Commonwealth of Kentucky and located within the Urban Services District for the Fiscal Year ending June 30, 2025, which levy is set by the Urban Services District Board and is in addition to the levy for general Metro Government purposes, shall not exceed the rate as levied by the Urban Services District Board for Fiscal Year 2024, which was $0.15 on each $100 of assessed value.
(3) The ad valorem tax levy on the deposits of financial institutions subject to local taxation and located within the Urban Services District for the Fiscal Year ending June 30, 2025, which levy is set by the Urban Services District Board and is in addition to the levy for general government purposes, shall not exceed the rate as levied by the Urban Services District Board for Fiscal Year 2024, which was 0.025%.
(F) Severability. Severability is intended throughout and within the provisions of this section. If any provision, including any exception, part, phrase, or term, or the application thereof to any person or circumstance is held invalid by a court of competent jurisdiction, the remainder of this section and the application to other persons or circumstances shall not be affected thereby and the validity of this section in any and all other respects shall not be affected thereby. The Council declares it would have adopted this section and each exception, part, phrase, or term thereof irrespective of the fact that any one or more exception, part, phrase, or term be declared invalid.
(Lou. Metro Ord. No. 156-2003, approved 9-16-2003; Lou. Metro Am. Ord. No. 149-2004, approved 10-15-2004; Lou. Metro Am. Ord. No. 136-2005, approved 9-13-2005; Lou. Metro Am. Ord. No. 160-2006, approved 9-18-2006; Lou. Metro Am. Ord. No. 166-2007, approved 8-27-2007; Lou. Metro Am. Ord. No. 154-2008, approved 9-12-2008; Lou. Metro Am. Ord. No. 125-2009, approved 8-31-2009; Lou. Metro Am. Ord. No. 105-2010, approved 6-3-2010; Lou. Metro Am. Ord. No. 160-2010, approved 8-27-2010; Lou. Metro Am. Ord. No. 179-2011, approved 8-31-2011; Lou. Metro Am. Ord. No. 150-2012, approved 8-27-2012; Lou. Metro Am. Ord. No. 143-2013, approved 8-26-2013; Lou. Metro Am. Ord. No. 133-2014, approved 9-4-2014; Lou. Metro Am. Ord. No. 144-2015, approved 9-14-2015; Lou. Metro Am. Ord. No. 148-2016, approved 8-29-2016; Lou. Metro Am. Ord. No. 160-2017, approved 9-19-2017; Lou. Metro Am. Ord. No. 156-2018, approved 9-20-2018; Lou. Metro Am. Ord. No. 124-2019, approved 8-26-2019; Lou. Metro Am. Ord. No. 112-2020, approved 9-24-2020; Lou. Metro Am. Ord. No. 140-2021, approved 9-27-2021; Lou. Metro Am. Ord. No. 121-2022, approved 9-13-2022; Lou. Metro Am. Ord. No. 127-2023, approved 9-15-2023; Lou. Metro Am. Ord. No. 152-2024, approved 9-9-2024)