PUBLIC HEARING REGARDING PROPOSED PROPERTY TAX RATES FOR THE 2024-2025 FISCAL YEAR
A public hearing will be held by the City of Union at 1843 Bristow Drive, Union, Kentucky, 41091 on September 4, at 5:45 PM for the purpose of obtaining citizens comments regarding proposed property tax rates.
All interested persons in the City of Union are invited to the hearing to submit verbal or written comments regarding the proposed property tax rates. Any person(s) who cannot submit written comments or attend the public hearing but wish to submit comments, should call the city building at 859-384-1511 by September 4, 4:00 PM so arrangements can be made to secure their comments. CITY OF UNION NOTICE OF PUBLIC HEARING TO SET TAX RATES
Pursuant to KRS 132.027, The City of Union will hold a Public Hearing on Wednesday September 4, at 5:45 PM. The meeting will be held at the City Building 1843 Bristow Drive, Union KY 41091 for the purpose of obtaining comments from the public regarding the proposed tax rates for the 2024-2025 Fiscal Year.
The proposed tax rates are shown below as cents per $100 of assessed valuation.
2023-2024 Fiscal Year
Real property tax rate of real property .204/$100 and generated revenue – $1,608,584.37
Personal property tax rate .212/$100 and generated revenue- $49,455.47
2024-2025 Fiscal Year
Proposed tax rate of real property .204/$100 (expected revenue -$1,693,401.73)
Compensating tax rate of real property .201/$100 (expected revenue – $1,668,498.76)
Proposed tax rate of personal property .200/$100 (expected revenue- $53,119.79)
Compensating tax rate of personal property .193/$100 (expected revenue-$51,260.60)
Revenue expected from New Property $54,819.25
The City of Union proposes to exceed the compensating tax rate by levying a real property tax rate of 0.204 and a personal property tax rate of 0.200.
The excess revenue generated will be allocated to the General Fund to be administered according to the budget for fiscal year 2024-2025.
The Kentucky General Assembly has required publication of this advertisement and the information contained herein. Tammy Wilhoite, City Clerk UNION, KY.
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