68.245 Estimate of assessment -- Levy in excess of compensatory tax rate subject to recall vote or reconsideration.

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68.245 Estimate of assessment -- Levy in excess of compensatory tax rate subject to recall vote or reconsideration. (1) The property valuation administrator shall submit an official estimate of real and personal property and new property assessment as defined in KRS 132.010, to the county judge/executive by April 1 of each year. (2) No county fiscal court shall levy a tax rate, excluding any special tax rate which may be levied at the request of a county community improvement district pursuant to KRS 107.350 and 107.360, following a favorable vote upon such tax by the voters of that county, which exceeds the compensating tax rate defined in KRS 132.010, until the taxing district has complied with the provisions of subsection (5) of this section. (3) The state local finance officer shall certify to each county judge/executive, by June 30 of each year, the following: (a) The compensating tax rate, as defined in KRS 132.010, and the amount of revenue expected to be produced by it; (b) The tax rate which will produce no more revenue from real property, exclusive of revenue from new property, than four percent (4%) over the amount of revenue produced by the compensating tax rate defined in KRS 132.010 and the amount of revenue expected to be produced by it. (4) Real and personal property assessment and new property determined in accordance with KRS 132.010 shall be certified to the state local finance officer by the Department of Revenue upon completion of action on property assessment data. (5) (a) A county fiscal court, proposing to levy a tax rate, excluding any special tax rate which may be levied at the request of a county community improvement district pursuant to KRS 107.350 and 107.360, following a favorable vote upon the tax by the voters of that county, which exceeds the compensating tax rate defined in KRS 132.010, shall hold a public hearing to hear comments from the public regarding the proposed tax rate. The hearing shall be held in the principal office of the taxing district, or, in the event the taxing district has no office, or the office is not suitable for a hearing, the hearing shall be held in a suitable facility as near as possible to the geographic center of the district. (b) County fiscal courts of counties containing a city of the first class proposing to levy a tax rate, excluding any special tax rate which may be levied at the request of a county community improvement district pursuant to KRS 107.350 and 107.360, following a favorable vote upon the tax by the voters of that county, which exceeds the compensating tax rate defined in KRS 132.010, shall hold three (3) public hearings to hear comments from the public regarding the proposed tax rate. The hearings shall be held in three (3) separate locations; each location shall be determined by dividing the county into three (3) approximately equal geographic areas, and identifying a suitable facility as near as possible to the geographic center of each area. (c) The county fiscal court shall advertise the hearing by causing to be published at least twice in two (2) consecutive weeks, in the newspaper of largest circulation in the county, a display type advertisement of not less than twelve (12) column inches, the following: 1. The tax rate levied in the preceding year, and the revenue produced by that rate; 2. The tax rate proposed for the current year and the revenue expected to be produced by that rate; 3. The compensating tax rate and the revenue expected from it; 4. The revenue expected from new property and personal property; 5. The general areas to which revenue in excess of the revenue produced in the preceding year is to be allocated; 6. A time and place for the public hearings which shall be held not less than seven (7) days nor more than ten (10) days, after the day that the second advertisement is published; 7. The purpose of the hearing; and 8. A statement to the effect that the General Assembly has required publication of the advertisement and the information contained therein. (d) In lieu of the two (2) published notices, a single notice containing the required information may be sent by first-class mail to each person owning real property, addressed to the property owner at his residence or principal place of business as shown on the current year property tax roll. (e) The hearing shall be open to the public. All persons desiring to be heard shall be given an opportunity to present oral testimony. The county fiscal court may set reasonable time limits for testimony. (6) (a) That portion of a tax rate, excluding any special tax rate which may be levied at the request of a county community improvement district pursuant to KRS 107.350 and 107.360, following a favorable vote upon a tax by the voters of that county, levied by an action of a county fiscal court which will produce revenue from real property, exclusive of revenue from new property, more than four percent (4%) over the amount of revenue produced by the compensating tax rate defined in KRS 132.010 shall be subject to a recall vote or reconsideration by the taxing district, as provided for in KRS 132.017, and shall be advertised as provided for in paragraph (b) of this subsection. (b) The county fiscal court shall, within seven (7) days following adoption of an ordinance to levy a tax rate, excluding any special tax rate which may be levied at the request of a county community improvement district pursuant to KRS 107.350 and 107.360, following a favorable vote upon a tax by the voters of that county, which will produce revenue from real property, exclusive of revenue from new property as defined in KRS 132.010, more than four percent (4%) over the amount of revenue produced by the compensating tax rate defined in KRS 132.010, cause to be published, in the newspaper of largest circulation in the county, a display type advertisement of not less than twelve (12) column inches the following: 1. The fact that the county fiscal court has adopted a rate; 2. The fact that the part of the rate which will produce revenue from real property, exclusive of new property as defined in KRS 132.010, in excess of four percent (4%) over the amount of revenue produced by the compensating tax rate defined in KRS 132.010 is subject to recall; and 3. The name, address, and telephone number of the county clerk, with a notation to the effect that that official can provide the necessary information about the petition required to initiate recall of the tax rate. Effective: June 20, 2005 History: Amended 2005 Ky. Acts ch. 85, sec. 96, effective June 20, 2005. -- Amended 1990 Ky. Acts ch. 343, sec. 1, effective July 13, 1990. -- Amended 1980 Ky. Acts ch. 19, sec. 3, effective July 15, 1980; ch. 317, sec. 8, effective July 15, 1980; and ch. 319, sec. 10 effective July 1, 1980. -- Amended 1978 Ky. Acts ch. 197, sec. 4, effective January 1, 1979. -- Created 1965 (1st Extra. Sess.) Ky. Acts ch. 2, Part III, sec. 8(6) to (8). Legislative Research Commission Note. KRS 68.245 was enacted as an amendment to KRS 68.240.