Kentucky Statutes 132.0225 – Deadline for establishing final tax rate — Exemption — Procedure if increased revenue is greater than four percent
Current as of: 2024 | Check for updates
|
Other versions
(1) (a) A taxing district that does not elect to attempt to set a rate that will produce more than four percent (4%) in additional revenue, exclusive of revenue from new property as defined in KRS § 132.010, over the amount of revenue produced by the compensating tax rate as defined in KRS § 132.010 shall establish a final tax rate within forty-five (45) days of the department‘s certification of the county‘s property tax roll.
(b) For boards of education, the forty-five (45) days shall begin from the date of the department’s certification to the chief state school officer as required by KRS § 160.470(4).
(c) A city that does not elect to have city ad valorem taxes collected by the sheriff as provided in KRS § 91A.070(1) shall be exempt from the forty-five (45) day deadline.
(d) Any nonexempt taxing district that fails to meet the forty-five (45) day deadline shall be required to use the compensating tax rate for that year‘s property tax bills.
(2) A taxing district that elects to attempt to set a rate that will produce more than four percent (4%) in additional revenue, exclusive of revenue from new property as defined in KRS § 132.010, over the amount of revenue produced by the compensating tax rate as defined in KRS § 132.010 shall follow the provisions of KRS § 132.017.
Effective: March 24, 2023
History: Amended 2023 Ky. Acts ch. 92, sec. 3, effective March 24, 2023. — Amended
2009 Ky. Acts ch. 69, sec. 1, effective June 25, 2009. — Created 1994 Ky. Acts ch. 9, sec. 3, effective July 15, 1994.
Legislative Research Commission Note (10/21/2005). 2005 Ky. Acts chs. 11, 85, 95,
97, 98, 99, 123, and 181 instruct the Reviser of Statutes to correct statutory references to agencies and officers whose names have been changed in 2005 legislation confirming the reorganization of the executive branch. Such a correction has been made in this section.
(b) For boards of education, the forty-five (45) days shall begin from the date of the department’s certification to the chief state school officer as required by KRS § 160.470(4).
Terms Used In Kentucky Statutes 132.0225
- City: includes town. See Kentucky Statutes 446.010
- Compensating tax rate: means that rate which, rounded to the next higher one- tenth of one cent ($0. See Kentucky Statutes 132.010
- County: means any county, consolidated local government, urban-county government, unified local government, or charter county government. See Kentucky Statutes 132.010
- Department: means the Department of Revenue. See Kentucky Statutes 132.010
- New property: means the net difference in taxable value between real property additions and deletions to the property tax roll for the current year. See Kentucky Statutes 132.010
- State: when applied to a part of the United States, includes territories, outlying possessions, and the District of Columbia. See Kentucky Statutes 446.010
- Taxing district: means any entity with the authority to levy a local ad valorem tax, including special purpose governmental entities. See Kentucky Statutes 132.010
- Year: means calendar year. See Kentucky Statutes 446.010
(c) A city that does not elect to have city ad valorem taxes collected by the sheriff as provided in KRS § 91A.070(1) shall be exempt from the forty-five (45) day deadline.
(d) Any nonexempt taxing district that fails to meet the forty-five (45) day deadline shall be required to use the compensating tax rate for that year‘s property tax bills.
(2) A taxing district that elects to attempt to set a rate that will produce more than four percent (4%) in additional revenue, exclusive of revenue from new property as defined in KRS § 132.010, over the amount of revenue produced by the compensating tax rate as defined in KRS § 132.010 shall follow the provisions of KRS § 132.017.
Effective: March 24, 2023
History: Amended 2023 Ky. Acts ch. 92, sec. 3, effective March 24, 2023. — Amended
2009 Ky. Acts ch. 69, sec. 1, effective June 25, 2009. — Created 1994 Ky. Acts ch. 9, sec. 3, effective July 15, 1994.
Legislative Research Commission Note (10/21/2005). 2005 Ky. Acts chs. 11, 85, 95,
97, 98, 99, 123, and 181 instruct the Reviser of Statutes to correct statutory references to agencies and officers whose names have been changed in 2005 legislation confirming the reorganization of the executive branch. Such a correction has been made in this section.