Kentucky Statutes 132.024 – Limits for special purpose governmental entities on personal property tax rate
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(1) If the tax rate applicable to real property levied by a special purpose governmental entity will produce a percentage increase in revenue from personal property less than the percentage increase in revenue from real property, the special purpose governmental entity may levy a tax rate applicable to personal property which will produce the same percentage increase in revenue from personal property as the percentage increase in revenue from real property.
(2) The tax rate applicable to personal property levied by a special purpose governmental entity under the provisions of subsection (1) of this section shall not be subject to the public hearing provisions of KRS § 132.023(2) and to the recall provisions of KRS § 132.023(3).
Effective: March 21, 2013
History: Amended 2013 Ky. Acts ch. 40, sec. 88, effective March 21, 2013. — Amended 1990 Ky. Acts ch. 343, secs. 6 and 11, effective July 13, 1990; and ch.
476, Pt. V, sec. 312, effective July 13, 1990. — Created 1982 Ky. Acts ch. 397, sec.
3, effective July 15, 1982.
Legislative Research Commission Note. (7/13/90) The Act amending this section prevails over the repeal and reenactment in House Bill 940, Acts Ch. 476, pursuant to Section 653(1) of Acts Ch. 476.
(2) The tax rate applicable to personal property levied by a special purpose governmental entity under the provisions of subsection (1) of this section shall not be subject to the public hearing provisions of KRS § 132.023(2) and to the recall provisions of KRS § 132.023(3).
Terms Used In Kentucky Statutes 132.024
- Personal property: All property that is not real property.
- Personal property: includes every species and character of property, tangible and intangible, other than real property. See Kentucky Statutes 132.010
- Real property: Land, and all immovable fixtures erected on, growing on, or affixed to the land.
- Real property: includes all lands within this state and improvements thereon. See Kentucky Statutes 132.010
Effective: March 21, 2013
History: Amended 2013 Ky. Acts ch. 40, sec. 88, effective March 21, 2013. — Amended 1990 Ky. Acts ch. 343, secs. 6 and 11, effective July 13, 1990; and ch.
476, Pt. V, sec. 312, effective July 13, 1990. — Created 1982 Ky. Acts ch. 397, sec.
3, effective July 15, 1982.
Legislative Research Commission Note. (7/13/90) The Act amending this section prevails over the repeal and reenactment in House Bill 940, Acts Ch. 476, pursuant to Section 653(1) of Acts Ch. 476.