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Public Hearing on Proposed Property Tax Rate

Friday, August 28, 2020

NOTICE OF PUBLIC HEARING: Pursuant to KRS 132.027, the City of Newport, KY will hold a Public Hearing on Thursday, September 17, 2020 at 5:00 p.m., local time, which will be held via videoconference and live streamed to the City Facebook page, facebook.com/CityofNewportKY/ as allowable under State of Emergency Orders. Those who wish to comment are encouraged to email the city clerk no later than noon on Thurs. 9/17/20 or call 859.292.3668 no later than noon on Thurs. 9/17/20 or comment via the livestream on the City’s Facebook page during the public comment period announced during the public hearing portion of the meeting. The purpose of the public hearing is to receiver 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 $2.86 per $1,000. As required by law, this includes the following information:

                                                    Tax Rate                          Revenue
                                                    Per $1,000 of
                                                    Assessed Valuation

Preceding Year Tax Rate and
Real Property Revenue                             $2.91                                      $2,104,950 

Tax Rate Proposed for 2020 and
Expected Real Property Revenue            $2.65                                     $2,208,698 

Compensating Tax Rate and
Expected Real Property Revenue            $2.55                                      $2,123,748 

Revenue Expected from
New Real Property                                       $2.65                                      $3,980 

Tax Rate Proposed for 2020 and
Expected Personal Property Revenue    $2.86                                      $265,149 

All revenues in excess of the amounts generated in 2020 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.

 

Pursuant to KRS 132.027 this notice was scheduled for advertisement in the Campbell County Recorder on September 10, 2020 and at the City Building. Additionally, this information was published on the city website from 8/28/20 through 9/18/20.

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