TIMES TRIBUNE (CORBIN, Ky.)
By John L. Ross / Staff Writer
A special meeting to have the second readings of two Corbin ordinances was slated for 8:30 a.m. this morning — one ordinance concerned setting the city’s real and personal property tax rates, the other involved adopting a street into the city system.
During the regular monthly meeting of the Corbin City Commission Monday night, commissioners and Mayor Willard McBurney listened and approved the first reading of the ordinance covering property taxes.
Budget planners followed the compensating rate, which is the lowest rate with which a governing body may budget.
The maximum rate would be four percent, which would have required a public hearing.
Accepting the compensating rate does not require a hearing.
The current rate for real property is 30 cents per $100 valuation — if commissioners accept the compensating rate, the new real property tax rate would be 30.90 cents per $100 valuation.
The current tax rate for personal property is 28.9 cents per $100 valuation. If commissioners approve accepting the compensating rate for this, the new tax rate would be 29.8 cents per $100 valuation.
A roll-call vote showed the commission to be unanimous in accepting the first reading of this ordinance.
The second ordinance requiring a second reading this morning concerned declaring a roadway near South Fifth Street, Valley View Drive and McFadden Drive as a public way, and naming that road Gilson Way.
The speed limit was also set on this short road at 15 mph.
Commissioners unanimously approved the first reading of the ordinance during their regular meeting Monday.
For the final decision on this morning’s meeting, check out the Times-Tribune website later today.