Notice of Public Hearing on Proposed Louisville/Jefferson County Metro Government and Louisville Urban Services District Tax Rates

September 02, 2022

Metro Louisville will hold a public hearing on Wednesday, September 7, 2022 at noon (12:00 p.m.) in Room 106, Metro Hall, Louisville, Kentucky to hear comments from the public regarding proposed 2022-2023 tax rates on real and tangible personal property.

As required by State Law KRS 132.027, this notice includes the following information:

The General Fund tax rate levied in 2021-2022 on real property for Metro Government general purposes was 12.89 cents per $100 of assessed valuation and produced expected revenue of $93,614,194.  The General Fund tax rate levied in 2021-2022 on tangible personal property for Metro Government general purposes was 16.60 cents per $100 of assessed valuation and produced expected revenue of $9,034,744.  The proposed General Fund tax rate for Metro Government general purposes for 2022-2023 on real property is 12.40 cents per $100 of assessed valuation and is expected to produce $99,498,910.  The proposed General Fund tax rate for 2022-2023 on tangible personal property for Metro Government general purposes is 16.41 cents per $100 of assessed valuation and is expected to produce $9,700,880.  Revenue from new real property for Metro Government is expected to total $1,459,799 in 2022-2023.  Metro Government’s newly defined compensating tax rate for general purposes for 2022-2023 is 11.90 cents per $100 of assessed valuation and when applied to real property would produce $95,486,857.

Metro Government’s proposed real property tax rate of 12.40 cents per $100 of assessed valuation is more than the Metro Government's newly defined compensating tax rate of 11.90 cents per $100 of assessed valuation.  The revenue in excess of 2021-22 revenue from real and tangible personal property will be spent in the following general areas of Metro Government:  police protection, public works, and other necessary purposes.

The General Fund tax rate levied for the Louisville Urban Services District in 2021-22 on real property was 35.46 cents per $100 of assessed valuation and produced expected revenue of $65,996,495.  The General Fund tax rate levied for the Louisville Urban Services District in 2021-2022 on tangible personal property was 56.60 cents per $100 of assessed valuation and produced expected revenue of $10,751,782.  The proposed General Fund tax rate for the Louisville Urban Services District for 2022-2023 on real property is 35.80 cents per $100 of assessed valuation and is expected to produce $69,878,901.  The proposed General Fund tax rate for the Louisville Urban Services District for 2022-2023 on tangible personal property is 56.00 cents per $100 of assessed valuation and is expected to produce $11,326,521.  Revenue from new real property for the Louisville Urban Services District is expected to total $867,437,787 in 2022-2023.  The Louisville Urban Services District’s newly defined compensating tax rate for 2022-2023 is 34.50 cents per $100 of assessed valuation and when applied to real property would produce $66,996,399.

The Louisville Urban Services District’s proposed real property tax rate of 35.80 cents per $100 of assessed valuation is greater than the Louisville Urban Services District's newly defined compensating tax rate of 34.50 cents per $100 of assessed valuation.  The revenue in excess of 2021-22 revenue from real and tangible personal property will be spent in the following general areas of the Louisville Urban Services District:  fire protection, solid waste management, and street lighting.


The General Assembly has required publication of this advertisement and the information contained herein.

                    Aaron Jackson, Office of Management and Budget Director                        Louisville/Jefferson County Metro Government

 

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