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Public Hearing on Proposed Property Tax Rate

Thursday, August 15, 2019

NOTICE OF PUBLIC HEARING: Pursuant to KRS 132.027, the City of Newport, KY will hold a Public Hearing on Monday, September 9, 2019 at 4:00 p.m., local time, in the Multi-Purpose Room of the Newport City Building, 998 Monmouth Street, to hear comments from the public regarding a proposed real estate tax rate of $2.91 per $1,000 valuation and proposed personal property tax rate of $2.57 per $1,000. As required by law, this includes the following information:

 

Tax Rate Per $1,000 Assessed Valuation

Revenue

Preceding Year Tax Rate and Real Property Revenue

$2.90

$2,014,318

Tax Rate Proposed for 2019 and Expected Real Property Revenue

$2.91

$2,104,950

Compensating Rax Rate and Expected Real Property Revenue

$2.80

$2,023,990

Revenue Expected from New Real Property

$2.91

$10,649

Tax Rate Proposed for 2019 and Expected Personal Property Revenue

$2.57

$252,016


Pursuant to KRS 132.027 this notice was scheduled for advertisement in the Campbell County Recorder on August 22 and 29, 2019 and posted at the City Building. Additionally, this information was published on the city website on August 15, 2019. All revenues in excess of the amounts generated in 2019-2020 will be allocated to all City operating departments and divisions, including: Police, Fire/EMS, Public Works, Recreation, Code Enforcement, and General Administration. The Kentucky General Assembly has required publication of this advertisement and the information contained herein.

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