By Jeff Noble / Staff Writer
The first reading of the ordinance setting the property tax rates for 2012 was approved at a special meeting of the Corbin City Commission Thursday morning at Corbin City Hall.
The second reading of the ordinance is scheduled for this morning during a special meeting of the city commission at 8:30 a.m. If approved, the ordinance becomes law.
For the city, the real estate property tax for 2012 has been set at thirty hundred cents (0.3000) per $100. It’s up from the 2011 rate of 0.2900 per $100.
Out of that total, 0.1920 cents will go to provide a current expense fund for the city to pay general expenses and property improvements, while 0.0900 cents will go to the city’s police and firemen pension fund, and .0180 will benefit the library fund.
Using the rate that would allow the city to see a four percent increase in revenue from real estate, the projected revenue is estimated to be $1,047,291.
Also, the personal property tax of 2012 has been set at twenty-eight, ninety hundred cents (0.2890) per $100. That’s down from the 2011 rate of 0.2900 per $100.
Out of that total, 0.1850 will go to the city’s current expense fund, while 0.0867 will go to the city’s police and firemen pension fund, and 0.0173 will benefit the library fund.
Using the compensating rate for 2012, projected revenue from the personal property tax is estimated to be $1,269,325.
According to the Institute for Rural Journalism and Community Issues at the University of Kentucky, the compensating rate is used to make up for a decline in the value of property in the city, as determined by the property valuation administrator and the state Revenue Cabinet. Many cities in Kentucky have seen a decline due to the recession and declines in housing, while in others assessments are up, meaning that their tax rates may be stable or declining.
Voting in favor were Mayor Willard McBurney and Commissioners Joe Shelton and Ed Tye, while Commissioners Joe White and Phil Gregory were absent. There was enough for a quorum, so the meeting was held.
Second reading of Corbin city ordinance set for 8:30 a.m. today
By Jeff Noble / Staff Writer
- Local News
Survey results reviewed
Another step in the process on picking Corbin High School’s new principal was taken Wednesday, when the school’s Site-Based Decision Making (SBDM) Council unanimously approved the criteria to help them make that decision.
Disney pleads guilty, avoids trial in robbery case
A Gray man pleaded guilty to the December 2012 robbery of a convenience store Wednesday in Laurel County Circuit Court.
Fiscal court approves truck purchase, bid advertisement during meeting
The Laurel County Fiscal Court held a special meeting Wednesday morning to discuss the approval of the purchase of a used truck for the Laurel County Highway Department as well as advertising for bids for janitorial services.
Body found in North Corbin, autopsy planned
An autopsy will be conducted in Frankfort today (Wednesday), to determine the cause of death of a North Corbin woman who was found outside her home Tuesday.
Corbin man arrested for burglary
A Corbin man has been arrested in connection with the Monday burglary of a convenience store, according to Corbin Police Public Affairs Officer Maj. Rob Jones.
CSX Corporation to repair rail crossing
CSX Corporation will begin repairs on the railroad crossing south of Gray at KY 233 mile point 4.6 (Big Indian Road) beginning today (Wednesday) and concluding Thursday evening.
Winning bids go out for Sanders Park work
Work on Phases 2-4 of the Colonel Sanders Park project was given approval by the Corbin Tourism and Convention Commission, during a special session Tuesday.
Whitley sees another jailer, magistrate candidate
Candidates throughout the Tri-County area continue to prepare for the May 20 election — an election that will decide many races in the spring.
Ohio man found dead in W’burg hotel pool
A man traveling with family from South Carolina after his brother’s graduation from the Marines was found dead the day before Thanksgiving in the swimming pool of the Cumberland Inn in Williamsburg.
Police Roundup - Dec. 4, 2013
A Corbin man and woman were arrested Sunday following a domestic violence complaint, according to Laurel County Sheriff John Root.
- More Local News Headlines
- Survey results reviewed