TheTimesTribune.com, Corbin, KY

Local News

August 31, 2012

Personal property tax rates set

Second reading of Corbin city ordinance set for 8:30 a.m. today

CORBIN — 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.

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