Last updated: August 19. 2014 11:00PM - 416 Views
By - mlasley@civitasmedia.com



Story Tools:

Font Size:

Social Media:

The City of Leitchfield reviewed its options for the 2014 Property Tax Rates on Monday, Aug. 18.


During the regularly scheduled, Monday, Aug. 18 Leitchfield City Council meeting, Leitchfield Finance Officer Erin Embry presented the options for the 2014 Property Tax Rates.


In 2013, the City had a 12.1 percent Real Property tax rate, an 18 percent Personal Property tax rate, and a 12 percent Motor Vehicle tax rate. These rates resulted in revenue of $292,946.16 for Real Property and $106,752.53 for Personal Property.


For 2014, the City has the option of increasing the tax rates by four percent, select a compensating rate, or maintain the same tax rate as in 2013. Whatever option the City selects will apply to both Real and Personal Property - the Motor Vehicle rate will remain the same.


Should the City select the four percent increase, the Real Property rate would be 12.5 percent, resulting in revenue of $305,186.87 - a $12,240.71 increase from 2013; and the Personal Property rate would be 19.4 percent, resulting in revenue of $111,065.22 - a $4,312.69 increase from 2013.


Should the City select the compensating rate, the Real Property rate would be 12.1 percent, resulting in revenue of $294,427.99 - a $1,481.84 increase from 2013; and the Personal Property rate would be 18.6 percent, resulting in revenue of $106,485.21 - a $267.32 decrease from 2013.


Should the City choose to keep the rates the same as in 2013, the Real Property rate would result in revenue of $294,427.99 - a $1,481.84 increase from 2013; and the Personal Property rate would result in revenue of $103,050.21 - a $3,702.32 decrease from 2013.


The City Council motioned to table the selection of the 2014 Property Tax Rates until its next meeting, which will be held on Tuesday, Sept. 2.

Comments
comments powered by Disqus


Featured Businesses


Poll



Info Minute