Title
An Ordinance amending Section 7-40 of the Code of Ordinances of the Lexington-Fayette Urban County Government to provide for the levying of an ad valorem tax on abandoned urban property within the taxing jurisdiction of the Lexington-Fayette Urban County Government of an additional one dollar ($1.00) on each one hundred dollars ($100.00) of the assessed valuation of the real property as of the January 1st assessment date. [Dept. of Planning, Preservation, and Development, Paulsen]
Summary
Authorization to amend Section 7-40 of the Code of Ordinances to provide for the levying of an ad valorem tax on "abandoned urban property" within the taxing jurisdiction of the Lexington-Fayette Urban County Government of one dollar ($1.00) for each one hundred dollars ($100.00) of assessed value of the real property as of the January 1st assessment date. (L0818-14)(Paulsen)
This is a request to amend Section 7-40 of the Code of Ordinances to provide for the levying of an ad valorem tax on "abandoned urban property" within the taxing jurisdiction of the Lexington-Fayette Urban County Government of one dollar ($1.00) for each one hundred dollars ($100.00) of assessed value of the real property as of the January 1st assessment date. There is no budgetary impact.
Budgetary Implications: FY 2016
Advance Document Review: Law
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Body
BE IT ORDAINED BY THE COUNCIL OF THE LEXINGTON-FAYETTE URBAN COUNTY GOVERNMENT:
Section 1 - That section 7-40 of the Code of Ordinances of the Lexington-Fayette Urban County Government be and hereby is amended to read as follows:
Pursuant to KRS 92.305 and 132.012 there is hereby established an ad valorem real property tax on the assessed value of all abandoned urban property within the taxing jurisdiction of the Lexington-Fayette Urban County Government as of the January 1 asses...
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