Section
General Provisions
35.01 Franchise tax on financial institutions
Property Taxation
35.15 Property assessment
35.16 Fiscal year
35.17 County assessment
35.18 County supervision, equalization, and review
35.19 Tax levy
35.20 Tax collection
35.21 Delinquent tax collection
35.22 Abandoned urban properties tax
GENERAL PROVISIONS
(A) There is hereby imposed on all financial institutions, as defined in KRS Ch. 136, located within the corporate limits of the city, for the 1996 tax year and all subsequent years, a franchise tax at the rate of 0.025% on all deposits, as defined in KRS Ch. 136, maintained by those financial institutions.
(B) For transition purposes, the 1996 tax year will be treated differently in terms of collection of taxes than for all subsequent years. For the 1996 tax year, the following timetable is hereby established: The city will issue tax bills to financial institutions no later than 5-1-1997. Payment of the tax shall be due with a 2% discount by 5-31-1997, or without the discount by 6-30-1997.
(C) For all tax years subsequent to the 1996 tax year, the following timetable is hereby established: 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.
(D) The city shall have a lien for taxes upon any and all property subject to the tax imposed by this section, which lien shall be superior to all encumbrances prior or subsequent.
(E) All taxes due in accordance with this section which are not paid before 6-30-1997 for tax year 1996, or which are not paid before January 31 for all subsequent years tax years, shall be deemed delinquent and shall be subject to a penalty of 10% and shall bear interest at the rate of 12% per annum.
(F) All moneys collected pursuant to this section shall be paid into the City General Fund to be used for the payment of proper expenditures as determined by the City Council.
(G) The City Clerk is hereby directed to send a copy of this section to the Commissioner of the State Department of Revenue.
(H) This section shall become effective and be in force from and after its passage and publication according to law.
(Ord. 96-07, passed 10-2-1996)
PROPERTY TAXATION
(A) All real and personal property within the city and all personal property, except for tangible personal property having an actual and bona fide situs within the city, which is owned by any person domiciled or actually residing within the city on the assessment date hereinafter provided for, any corporation having its chief office or place of business within the city on that date, and/or any franchise of the same shall be subject to assessment and taxation for the general purposes of the city during the next succeeding fiscal year unless exempt from taxation by the State Constitution or state statutes.
(B) In addition, any franchise granted in whole or in part by the city shall be assessed and taxed by the city, notwithstanding the fact that the corporation owning or exercising the franchise may have its office or place of business elsewhere.
(1993 Code, § 54.01)
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