AN ACT relating to taxation.

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AN ACT relating to taxation. 1
Be it enacted by the General Assembly of the Commonwealth of Kentucky: 2
Section 1. KRS 132.027 is amended to read as follows: 3
(1) No city or urban -county government shall levy a tax rate which exceeds the 4
compensating tax rate defined in KRS 132.010 until the city or urban -county 5
government has complied with the provisions of subsection (2) of this section. 6
(2) (a) Cities or urban -county governments proposing to levy a tax rate which 7
exceeds the compensating tax rate defined in KRS 132.010 shall hold a public 8
hearing to hear comments from the public regarding the proposed tax rate. 9
The hearing shall be held in the principal office of the taxing district, or, in the 10
event the taxing district has no office, or the office is not suitable for a 11
hearing, the hearing shall be held in a suitable facility as near as possible to 12
the geographic center of the district. 13
(b) The city or urban-county government shall advertise the hearing by causing to 14
be published at least twice in two (2) consecutive weeks, in the newspaper of 15
largest circulation in the county, a display type advertisement of not l ess than 16
twelve (12) column inches, the following: 17
1. The tax rate levied in the preceding year, and the revenue produced by 18
that rate; 19
2. The tax rate proposed for the c urrent year and the revenue expected to 20
be produced by that rate; 21
3. The compensating tax rate and the revenue expected from it; 22
4. The revenue expected from new property and personal property; 23
5. The general areas to which revenue in excess of the revenue produced in 24
the preceding year is to be allocated; 25
6. A time and place for the public hearing which shall be held not less than 26
seven (7) days nor more than ten (10) days after the day the second 27
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advertisement is published; 1
7. The purpose of the hearing; and 2
8. A statement to the effect that the General Assembly has required 3
publication of the advertisement and the information contained therein. 4
(c) In lieu of the two (2) published notices, a single notice containing the required 5
information may be sent by first-class mail to each person owning real 6
property in the taxing district, addressed to the property owner at his or her 7
residence or principal place of business as shown on the current year property 8
tax roll. 9
(d) The hearing shall be open to the public . All persons desiring to be heard shall 10
be given an opportunity to present oral testimony. The taxing district may set 11
reasonable time limits for testimony. 12
(3) (a) That portion of a tax rate levied by an action of a city or urban -county 13
government which will produce revenue from real property, exclusive of 14
revenue from new property, more than four percent (4%) over the amount of 15
revenue produced by the compensating tax rate defined in KRS 132.010 shall 16
be subject to a recall vote or reconsideration by the taxing district, as provided 17
for in KRS 132.017, and shall be advertised as provided for in paragraph (b) 18
of this subsection. 19
(b) The city or urban -county government shall, within seven (7) days following 20
adoption of an ordinance to levy a tax rate which will produce revenue from 21
real property, exclusive of revenue from new property as defined in KRS 22
132.010, more than four percent (4%) over the amount of revenue produced 23
by the compensating tax rate defined in KRS 132.010, cause to be published, 24
in the ne wspaper of largest circulation in the county, a display type 25
advertisement of not less than twelve (12) column inches the following: 26
1. The fact that the city or urban-county government has adopted a rate; 27
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2. The fact that the part of the rate which will p roduce revenue from real 1
property, exclusive of new property as defined in KRS 132.010, in 2
excess of four percent (4%) over the amount of revenue produced by the 3
compensating tax rate defined in KRS 132.010 is subject to recall, and 4
3. The name, address, a nd telephone number of the county clerk of the 5
county or urban -county in which the taxing district is located, with a 6
notation to the effect that that official can provide the necessary 7
information about the petition required to initiate recall of the tax rate. 8