132.0225 Deadline for establishing final tax rate -- Exemption -- Procedure if increased revenue is greater than four percent. (1) A taxing district that does not elect to attempt to set a rate that will produce more than four percent (4%) in additional revenue, exclusive of revenue from new property as defined in <br>KRS 132.010, over the amount of revenue produced by the compensating tax rate as <br>defined in KRS 132.010 shall establish a final tax rate within forty-five (45) days of the <br>department's certification of the county's property tax roll. A city that does not elect to have <br>city ad valorem taxes collected by the sheriff as provided in KRS 91A.070(1) shall be <br>exempt from this deadline. Any nonexempt taxing district that fails to meet this deadline <br>shall be required to use the compensating tax rate for that year's property tax bills. (2) A taxing district that elects to attempt to set a rate that will produce more than four percent (4%) in additional revenue, exclusive of revenue from new property as defined in KRS <br>132.010, over the amount of revenue produced by the compensating tax rate as defined in <br>KRS 132.010 shall follow the provisions of KRS 132.017. Effective: June 25, 2009 <br>History: Amended 2009 Ky. Acts ch. 69, sec. 1, effective June 25, 2009. -- Created 1994 Ky. Acts ch. 9, sec. 3, effective July 15, 1994. Legislative Research Commission Note (10/21/2005). 2005 Ky. Acts chs. 11, 85, 95, 97, 98, 99, 123, and 181 instruct the Reviser of Statutes to correct statutory references to agencies and <br>officers whose names have been changed in 2005 legislation confirming the reorganization of <br>the executive branch. Such a correction has been made in this section.
132.0225 Deadline for establishing final tax rate -- Exemption -- Procedure if increased revenue is greater than four percent. (1) A taxing district that does not elect to attempt to set a rate that will produce more than four percent (4%) in additional revenue, exclusive of revenue from new property as defined in <br>KRS 132.010, over the amount of revenue produced by the compensating tax rate as <br>defined in KRS 132.010 shall establish a final tax rate within forty-five (45) days of the <br>department's certification of the county's property tax roll. A city that does not elect to have <br>city ad valorem taxes collected by the sheriff as provided in KRS 91A.070(1) shall be <br>exempt from this deadline. Any nonexempt taxing district that fails to meet this deadline <br>shall be required to use the compensating tax rate for that year's property tax bills. (2) A taxing district that elects to attempt to set a rate that will produce more than four percent (4%) in additional revenue, exclusive of revenue from new property as defined in KRS <br>132.010, over the amount of revenue produced by the compensating tax rate as defined in <br>KRS 132.010 shall follow the provisions of KRS 132.017. Effective: June 25, 2009 <br>History: Amended 2009 Ky. Acts ch. 69, sec. 1, effective June 25, 2009. -- Created 1994 Ky. Acts ch. 9, sec. 3, effective July 15, 1994. Legislative Research Commission Note (10/21/2005). 2005 Ky. Acts chs. 11, 85, 95, 97, 98, 99, 123, and 181 instruct the Reviser of Statutes to correct statutory references to agencies and <br>officers whose names have been changed in 2005 legislation confirming the reorganization of <br>the executive branch. Such a correction has been made in this section.
132.0225 Deadline for establishing final tax rate -- Exemption -- Procedure if increased revenue is greater than four percent. (1) A taxing district that does not elect to attempt to set a rate that will produce more than four percent (4%) in additional revenue, exclusive of revenue from new property as defined in <br>KRS 132.010, over the amount of revenue produced by the compensating tax rate as <br>defined in KRS 132.010 shall establish a final tax rate within forty-five (45) days of the <br>department's certification of the county's property tax roll. A city that does not elect to have <br>city ad valorem taxes collected by the sheriff as provided in KRS 91A.070(1) shall be <br>exempt from this deadline. Any nonexempt taxing district that fails to meet this deadline <br>shall be required to use the compensating tax rate for that year's property tax bills. (2) A taxing district that elects to attempt to set a rate that will produce more than four percent (4%) in additional revenue, exclusive of revenue from new property as defined in KRS <br>132.010, over the amount of revenue produced by the compensating tax rate as defined in <br>KRS 132.010 shall follow the provisions of KRS 132.017. Effective: June 25, 2009 <br>History: Amended 2009 Ky. Acts ch. 69, sec. 1, effective June 25, 2009. -- Created 1994 Ky. Acts ch. 9, sec. 3, effective July 15, 1994. Legislative Research Commission Note (10/21/2005). 2005 Ky. Acts chs. 11, 85, 95, 97, 98, 99, 123, and 181 instruct the Reviser of Statutes to correct statutory references to agencies and <br>officers whose names have been changed in 2005 legislation confirming the reorganization of <br>the executive branch. Such a correction has been made in this section.
