The council voted to approve the first reading of the tax on vehicles. The rate will be 26.2 cents per hundred dollars of assessed value. If a driver owned a car valued at $5,000, for example, that person would pay $13.10 for a motor vehicle tax. Tax districts in Kentucky must set their motor vehicle tax by Oct. 1.
The council also voted to approve taxes for real and personal property, also known as an “ad valorem” tax rate. The tax on real estate will increase to 0.257 cents per hundred dollars of assessed from value. This is roughly 16.3 percent over the 2006 rate of 0.221 cents. Someone with real property worth $100,000 will now have to pay $2.57.
Covered in the same ordinance was a personal property tax. The rate will decrease to 0.332 cents per hundred dollars of assessed value, down about 1.5 percent from the 2006 rate of 0.337 cents. Someone with $100,000 of assessed personal property would pay $3.32 in tax.
The city also had a roll call vote on a second reading of an ordinance to amend the 2006-2007 budget. This was to pay legal fees in regards to recent litigation against the city, which resulted in de-annexation in several subdivisions. At last month’s meeting, the council voted to increase revenue in the budget by taking $125,383.56 out of a certificate of deposit to pay for the increased expense of $123,104.16.
Find complete coverage of Cadiz City Government in The Cadiz Record.