The City of Union will hold a Public Hearing on Wednesday, September 7, 2022 at 6:25PM located at the City Building (1843 Bristow Drive). The purpose of the meeting is to receive input on the proposed tax rate for the 2022-2023 Fiscal Year.
- The preceding year’s real property tax rate .206/$100 (expected revenue $1,479,893.26) and the preceding year’s personal property tax rate .159/$100 (expected revenue $28,604.19).
- The City of Union proposes levying a real property tax rate of .205/$100 (expected revenue $1,492,015.55) and a personal property tax rate of .182/$100 (expected revenue $45,784.78).
- Compensating Tax Rate of real property is .198/$100 (expected revenue $1,441,068.67) and compensating personal property tax of.175/$100 (expected revenue $44,023.82).
- Revenue expected from New Property is $45,696.08
The City of Union proposes a tax rate which will exceed the compensating tax rate, but the proposed rate is lower than the preceding year. Additionally, the proposed rate is expected to produce revenue from real property, exclusive of revenue from new property, of four percent (4%) over the amount of revenue which would be produced by the compensating tax rate. The revenue in excess of the revenue produced in the preceding year is proposed to be allocated to the General Fund to be administered according to the budget for fiscal year 2022-2023.
This notice is required by KRS 132.027 as passed by the Kentucky General Assembly.