(A) The rate of taxation levied upon abandoned urban properties shall be, the rate of one dollar and fifty cents ($1.50) on one hundred dollars ($100.00) of assessed value, the maximum amount allowable pursuant to § 157 of the Kentucky Constitution.
(B) All money and funds derived from the abandoned urban property tax under the provisions of this chapter shall be paid to the city and placed to the credit of the city's general revenue fund and for the general expenses and purposes of the city.
(Ord. 19-26, passed 11-28-19; Am. Ord. 2023-20, passed 11-27-23)