(A) Ad valorem tax for each fiscal year shall be levied by the city on all lands and improvements in the city held or owned by every person, firm, company, association, or corporation in his, her, their or its own right as fiduciary, guardian or agent, subject to municipal taxation and under the laws of the Commonwealth of Kentucky, including all property and franchises heretofore or hereafter assessed by the City Clerk/Tax Assessor, and in the case where such action is required by law by the State Railroad Commission, or the Revenue Cabinet of the Commonwealth of Kentucky, for taxation by the city. The rate shall be levied per one hundred dollars ($100.00) of assessed value, but not to include any property exempt by law from such taxation.
(B) Ad valorem tax for each fiscal year is hereby levied by the city on all personal property in the city held or owned by every person, firm, company, association or corporation in his, her, their or its own right as fiduciary, guardian or agent, subject to municipal taxation under the laws of the Commonwealth of Kentucky, including all property and franchises heretofore or hereafter assessed by law by the Revenue Cabinet of the Commonwealth of Kentucky for taxation by the city. The rate shall be levied per one hundred dollars ($100.00) of assessed value, but not to include any property exempt by law from such taxation. However, the ad valorem personal property tax as it applies to motor vehicles shall be at the rate authorized by KRS 132.487.
(C) The taxes shall be used for the payment of all general expenses of the city.
(D) Taxes are due and payable as soon as the tax bills come into the hands of the collector in the year assessed. From and after October 1, in the year assessed and thereafter, a penalty in the amount of ten percent (10%) per annum of the face amount of the bill shall be imposed plus interest from October 1, in the year assessed and thereafter at the rate of six percent (6%) per annum, except that on property assessed by the Commonwealth of Kentucky, the penalty will be applied to aforesaid property thirty (30) days after statements are presented.
(Ord. 7-1988, passed 5-31-88; Am. Ord. 8-1989, passed 5-8-89; Am. Ord. 4-1990, passed 5-7-90; Am. Ord. 5-1991, passed 4-29-91; Am. Ord. 7-1992, passed 4-20-92; Am. Ord. 8-1992, passed 5-18-92; Am. Ord. 3-1993, passed 4-19-93; Am. Ord. 7-1994, passed 5-16-94; Am. Ord. 11-1995, passed 5-15-95; Am. Ord. 4-1996, passed 6-3-96; Am. Ord. 6-1997, passed 6-2-97; Am. Ord.7-1998, passed 7-20-98; Am. Ord. 6-1999,passed 6-21-99; Am. Ord. 5-2000, passed 7-3-00; Am. Ord. 3-2001, passed 6-18-01; Am. Ord. 2-2002, passed 6-3-02; Am. Ord. 6-2004, passed 6-21-04; Am. Ord. 2004-9, passed 8-9-04; Am. Ord. 14-2005, passed 6-20-05; Am. Ord. 2-2006, passed 6-19-06; Am. Ord. 5-2007, passed 6-18-07; Am. Ord. 3-2008, passed 6-16-08; Am. Ord. 2-2009, passed 6-8-09; Am. Ord. 3-2010, passed 6-21-10; Am. Ord. 8-2011, passed 6-20-11; Am. Ord. 1-2012, passed 6-18-12; Am. Ord. 5-2013, passed 6-17-13; Am. Ord. 3-2014, passed 6-16-14; Am. Ord. 2-2015, passed 6-15-15; Am. Ord. 3-2016, passed 6-20-16; Am. Ord. 5-2019, passed 6-17-19; Am. Ord. 1-2020, passed 6-15-20; Am. Ord. 4-2021, passed 4-5-21; Am. Ord. 2-2022, passed 6-21-22)
*[Editor’s Note: Current ad valorem tax rates are on file in the office of the City Clerk/Tax Assessor.]
(E) Property subject to taxation by the city shall be assessed for city taxation as of January 1 each year. (Ord. 10-1989, passed 7-17-89)
Cross-reference:
City Clerk/Tax Assessor, see § 31.38
Taxes to be paid before licenses issued, see § 110.05