News

Public Hearing on Proposed Tax Rate

Friday, September 15, 2017

NOTICE OF PUBLIC HEARING: Pursuant to KRS 132.027, as amended by the   Kentucky General Assembly Extraordinary Session of 1979, the City of Newport, KY will hold a Public Hearing on Wednesday, October 4, 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 $2.87 per $1,000 valuation and proposed personal property tax rate of $2.45 per $1,000. As required by law, this includes the following information:

 

                                                 Tax Rate Per $1000               Revenue

                                                 of Assessed Value

Preceding Year Tax Rate         $2.81                                    

and Real Property Revenue                                                $1,848,430

 

Tax Rate Proposed for 2017    $2.87                                  

and Expected Real Property Revenue                                $1,928,898

 

Compensating Tax Rate and   $2.76                                  

Expected Real Property Revenue                                       $1,854,710

 

Revenue Expected from           $2.87                                 

New Real Property                                                              $0

 

Tax Rate Proposed for 2017     $2.45                                    

and Expected Personal Property Revenue                        $230,790

 

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. Posted at 998 Monmouth and on City website 9/15/17, schedule for advertisement in Campbell County Recorder 9/21 and 9/28/17.

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