The Caneyville City Commission on Monday voted to lower the city's property tax rates for 2018.

The decision followed a report stating that both real estate and tangible personal property values have risen by several hundred thousand dollars over the past year.

According to Caneyville Finance Officer Brenda Brown, the city's real estate values have increased by more than $400,000 this year to approximately $17,466,975, and the city's personal property values have increased by more $300,000 this year to approximately $3,177,506.

City officials attribute the property value increase to the renovation of a number of properties, as well as the opening of new businesses such as The Dinner Bell Buffet & Antiques.

Because of this, the City Commission had the opportunity to set a compensating property tax rate that would reduce rates while still seeing an increase in city revenue of $1,509 over the past year.

After discussion, the City Commission voted to set the 2018 property tax rates as follows:

Real Estate: 24.6 cents per $100 of assessed valuation.

Tangible Personal Property: 24.6 cents per $100 of assessed valuation.

Last year's rates were 25.2 cents per $100 of assessed valuation on both real estate and personal property.

The city will also levy a 30 cent tax per $100 of assessed valuation on motor vehicles. This rate remains unchanged from last year.

Following the vote, the first reading of the tax rate ordinance was held. The second and final reading before the rates are adopted is expected at the City Commission's next meeting on Oct. 8.

Taxes will be due and payable by Dec. 31 of this year. If they are paid by Nov. 30, they will be subject to a 2 percent discount.

In other business:

*The City Commission, per the state inspector's recommendation, voted to purchase to portable automatic water samplers for the city sewer plant at an estimated price range of $3,200 to $4,000 each.

*The City Commission voted to authorize Caneyville Police Chief Anthony Clark to replace his police and fire department radios at an estimated cost of $350 each.