The City of Fort Wright, KY will hold a public hearing on Wednesday, October 7, 2020 at 6:00 p.m. in the Council Chambers of City Hall, located at 409 Kyles Lane, Fort Wright, KY for the purpose of obtaining comments from the public regarding the proposed real and personal tax rate for FY 2020-2021. The proposed tax rates are shown below as cents per $100.00 of assessed valuation.
FY 2019-2020
Tax Rate (Real Property) .279
Revenue $1,522,325.00
Tax Rate (Personal Property) .409
Revenue $170,489.56
FY 2020-2021
Proposed Tax Rate (Real Property) .265
Expected Revenue $1,561,942.64
Compensating Rate (Real Property) .270
Expected Revenue $1,591,413.25
Proposed Tax Rate (Personal Property) .409
Expected Revenue $153,957.44
Compensating Rate (Personal Property) .473
Expected Revenue $178,161.59
All revenue in excess of the revenue produced in the preceding fiscal year shall be allocated towards the continued operation of the City, which may include increases in the cost of utilities, personnel, maintenance and acquisition of equipment and supplies, and the general repair of public streets, etc.
The General Assembly of the Commonwealth of Kentucky has required the publication of the foregoing advertisement and the information contained herein.