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September 4, 2012

Corbin approves 2012 property tax rates

The Times-Tribune

CORBIN — By Jeff Noble / Staff Writer

Twenty-four hours after its first reading, the property tax rates for 2012 were approved by the Corbin City Commission. They did so after hearing the second reading of the tax ordinance during Friday’s special meeting.

For this year, the real estate property tax is set at thirty hundred cents (0.3000) per $100. That’s up from the 2011 rate of 0.2900 per $100.

From that amount, 0.1920 cents will go to provide a current expense fund for the city to pay general expenses and property improvements, while 0.0900 cents will go to the city’s police and firemen pension fund, and 0.0180 will benefit the library fund.

Using the rate that would allow the city to see a four-percent increase in revenue from real estate, the projected revenue is estimated to be $1,047,291.

Also for this year, the personal property tax is set at twenty eight, ninety hundred cents (0.2890) per $100. That’s down from the 2011 rate of 0.2900 per $100.

From that total, 0.1850 will go to the city’s current expense fund, while 0.0867 will go to the city’s police and firemen pension fund, and 0.0173 will benefit the library fund.

Using the compensating rate for 2012, projected revenue from the personal property tax is estimated to be $1,269,325.

With its approval by the City Commissioners, the ordinance becomes law.

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