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§ 35.03 DELINQUENCY.
   (A)   All city taxes, except ad valorem taxes on motor vehicles or as otherwise provided in this chapter, shall become delinquent on January 1 following their due dates.
   (B)   Any taxes not paid by the date when they become delinquent shall be subject to a penalty of 10% on the taxes due and unpaid. The delinquent taxpayer shall also pay all costs and expenses incidental to any action taken by the city for collection of the delinquent tax bill.
   (C)   Delinquent taxes shall be collectable under the provisions of the state law relating to the collection of delinquent taxes by cities of the fifth class.
§ 35.04 AD VALOREM TAXES ON MOTOR VEHICLES.
   (A)   All ad valorem taxes on motor vehicles shall be collected by the County Clerk in accordance with KRS 134.800.
   (B)   Ad valorem taxes on motor vehicles shall become due and delinquent as set forth in KRS 134.810 and any such taxes not paid by the date when they become delinquent shall be subject to the penalty and interest specified in KRS 134.810.
§ 35.05 BANK FRANCHISE AND LOCAL DEPOSIT TAX.
   (A)   There is imposed on all financial institutions, as defined in KRS Ch. 136, located within the corporate limits of the city, a franchise tax at the rate of $0.25 on all deposits, as defined in KRS Ch. 136, maintained by such financial institutions.
   (B)   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.
   (C)   The city shall have a lien for taxes upon any and all property subject to the tax imposed by these sections, which lien shall be superior to all encumbrances prior or subsequent.
   (D)   All taxes due in accordance with this section which are not paid before January 31 shall be deemed delinquent and shall be subject to a penalty of 10% and shall bear interest at the rate of 12% per annum.
(Ord. 2005-10, passed 8-1-2005)
§ 35.06 DISPOSITION OF FUNDS.
   All monies collected from the taxes levied in this chapter 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.