Title
An Ordinance levying ad valorem taxes for municipal purposes for the Fiscal Year July 1, 2015 through June 30, 2016, on the assessed value of all taxable property within the taxing jurisdictions of the Lexington-Fayette Urban County Government (all taxes on each $100.00 of assessed valuation as of the January 1, 2015 assessment date), as follows: General Services District, $.0800 on real property, including real property of public service companies, $.0915 on personal property, including personal property of public service companies, noncommercial aircraft, and noncommercial watercraft, $.1500 on insurance capital, $.0150 on tobacco in storage, and $.0450 on agricultural products in storage; Full Urban or Partial Urban Services Districts based on urban services available on real property, including real property of public service companies, $.1431 for Refuse Collection, $.0210 for Street Lights, $.0097 for Street Cleaning, $.0920 on insurance capital, $.0150 on tobacco in storage, $.0450 on agricultural products in storage; abandoned urban property $1.00; and levying an ad valorem tax for municipal purposes at the rate of $.0880 on each $100.00 of assessed value on all motor vehicles and watercraft within the taxing jurisdiction of the Lexington-Fayette Urban County Government as of the January 1, 2016 assessment date. [Div. of Budgeting, Lueker] (Public Hearing)
Body
WHEREAS, pursuant to KRS 67A.850 and Charter Section 8.06 it is necessary to levy ad valorem taxes on all taxable property, other than motor vehicles and watercraft, within the taxing jurisdiction of the Lexington-Fayette Urban County Government as of the January 1, 2015 assessment date; and
WHEREAS, pursuant to KRS 132.0225 if a taxing district fails to establish a final tax rate within forty-five (45) days of certification by the Kentucky Revenue Cabinet of the assessment, the taxing district shall be required to use the compensating tax rate for that year's property tax bills; and
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