News

Public Hearing on Proposed Tax Rates

Wednesday, August 22, 2018

NOTICE OF PUBLIC HEARING: Pursuant to KRS 132.027, the City of Newport, KY will hold a Public Hearing on Monday, September 17, 2018 at 7:00 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 $2.90 per $1,000 valuation and proposed personal property tax rate of $2.56 per $1,000. As required by law, this includes the following information:

                                                    Tax Rate Per $1000             Revenue

                                                     Assessed Valuation

Preceding Year Tax Rate and      

Real Property Revenue                              $2.87              $1,928,629

Tax Rate Proposed for 2018 and

Expected Real Property Revenue                        $2.90              $2,014,318

Compensating Tax Rate and                    

Expected Real Property Revenue                        $2.79              $1,936,845

Revenue Expected from                

New Real Property                                      $2.90              $3,004

Tax Rate Proposed for 2018 and 

Expected Personal Property Revenue    $2.56              $241,442

All revenues in excess of the amounts generated in 2018-2019 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.

Pursuant to KRS 132.027 this notice was scheduled for advertisement in the Campbell County Recorder on August 30 and September 6, 2018 and posted at the City Building. Additionally, this information was published on the city website on August 22, 2018.