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Notice of Public Hearing on Proposed Tax Rate

Monday, August 14, 2017

NOTICE OF PUBLIC HEARING: Pursuant to KRS 132.027, the City of Newport, KY will hold a Public Hearing on Thursday, September 14, 2017 at 5:00 p.m., local time, in the Multi-Purpose Room of the Newport City Building, 998 Monmouth Street, to hear comments from the public regarding a proposed real estate tax rate of $2.65 per $1,000 valuation and proposed personal property tax rate of $2.42 per $1,000. As required by law, this includes the following information:

                                               Tax Rate Per $1000               Revenue

                                               Assessed Valuation

 

Preceding Year Tax Rate and            $2.81               $1,848,430

Real Property Revenue

 

Tax Rate Proposed for 2017 and       $2.65               $1,924,717

Expected Real Property Revenue

 

Compensating Tax Rate and              $2.55               $1,850,689

Expected Real Property Revenue

 

Revenue Expected from                    $2.65               $0

New Real Property

 

Tax Rate Proposed for 2017 and       $2.42               $230,330

Expected Personal Property Revenue

                                                                                              

All revenues in excess of the amounts generated in 2017 will be allocated to all City operating departments and divisions, including: Police, Fire/EMS, Public Works, Recreation, Code Enforcement, and General Administration. The Kentucky General Assembly has required publication of this advertisement and the information contained herein. In accordance with KRS 132.027, this notice has been scheduled to appear in the Campbell County Recorder on August 31 and September 7, 2017 and a copy has been posted at 998 Monmouth. 

Published to the city website August 14, 2017. 

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