Oct. 2, 2012 — The City of Morehead Monday approved the state’s recommendation for “compensating” real and personal property tax rates.
The city will receive approximately the same amount of revenue next year and its property owners will see slight increases on tax bills.
Meet in special session, City Council passed the second reading of the city’s tax ordinance, which raises the real property tax rate to 23.7 cents per $100 of assessed valuation for 2012, up from 22.6 cents, and bumps the personal property rate from 29.8 cents to 31.6 cents.
City Clerk Joni Mraz said, by statute, the city could hold a public hearing and set a real property tax rate that is four percent higher.
Council decided to keep the city’s revenues about the same as last year’s.
“We chose the compensating rate because that is supposed to generate the same amount of revenue as last year,” said Council member Glen Teager. “But because the compensating rate was already a slight tax rate increase, I felt like we didn’t need to go any further.”
Theoretically the state’s figures show that the city’s revenues will come out to be about $805,926.
“We will publish the necessary notices and then start putting tax bills into the mail,” said Mayor David Perkins.
Nicole Sturgill can be reached at firstname.lastname@example.org or by telephone at 784-4116.