The Caneyville City Commission held a public hearing this week to discuss setting the city’s tax rates for the year.
During the hearing, held on Wednesday, Sept. 2, City Treasurer Brenda Brown provided the first reading of the City of Caneyville’s 2015/2016 property tax ordinance.
Caneyville’s property assessments were $16,172,975 in real estate and $2,171,475 in tangible personal property.
The City Commission was required to hold Wednesday’s public hearing following its decision to select a 4 percent increase on real estate.
Therefore, the 2015 ad valorem tax rates are as follows:
24.80 cents per $100 assessed valuation on real estate.
34.32 cents per $100 assessed valuation of tangible personal property, inventory, non-commercial aircraft, and watercraft.
For 2016, there will be levied a tax of 30.0 cents per $100 assessed valuation on motor vehicles.
According to the ordinance, other than vehicle and watercraft taxes, which are collected by the Grayson County Clerk, taxes will be due and payable by Dec. 31, 2015. If taxes are paid by Nov. 30, 2015, they will be subject to a 2 percent discount.
Taxes paid from Jan. 1 through Jan. 31, 2016 will be subject to a 5 percent penalty. After Jan. 31, 2016, taxes will be subject to a 10 percent penalty.
Additionally, an interest rate of 12 percent annum will be added to unpaid taxes after Dec. 31, 2015, the ordinance reads.
The second and final reading of Caneyville’s 2015/2016 property tax ordinance will be held during the regularly scheduled, Monday, Sept. 14 Caneyville City Commission meeting, after which time it will be adopted, published, and put into effect.
Reach Matt Lasley at 270-259-9622, ext. 2015.