City of Fort Wright Eliminates Motor Vehicle Tax Effective January 1, 2023
Fort Wright, KY (November 3, 2022) – The Fort Wright City Council is very pleased to announce the passage of Ordinance 11-2022 repealing a Motor Vehicle Tax that dates back 30 years to 1993. The elimination of the tax will go into effect January 1, 2023.
The little-known Motor Vehicle Tax was levied on the assessed value of each vehicle registered to a property within the city limits at a rate of .1977 cents per $100.00. According to Car and Driver magazine, inflationary pressures have driven the average price of a car up to $47,000 in 2022, so the elimination of this tax will save the owner of that car approximately $90 per year.
Mayor Dave Hatter and City Council Members unanimously supported the tax elimination initiative citing the tax as outdated and unnecessary considering record revenues and substantial financial reserves. This continues their collective work of overhauling the City's taxing authority and helps put much needed dollars back into the pockets of residents during these times of skyrocketing inflation.
The elimination of this tax continues to deliver upon a promise to residents and business to keep taxes as low as possible while at the same time ensuing that our community remains a wonderful place to live, work, play and own a business for everyone.
This action comes on the heels of a six and one-half percent (6.5%) property tax reduction on real property located within the community, and a roughly seven percent (7%) personal property tax reduction delivered last month. The real property tax rate is now at the lowest level since 2011 and Fort Wright has some of the lowest overall tax rates in Northern Kentucky while being one of the most desirable communities in Greater Cincinnati.
Mayor Hatter said that he and the Fort Wright City Council are united in their efforts to be good stewards of the community’s finances and will continue to look for opportunities to reduce the tax burden on the community while ensuring that City services and amenities remain top notch.
The City of Fort Wright utilizes Open Gov technology, an online reporting software that allows the public to access real time city financial information via our website: www.fortwright.com. You can also view a wide variety of other financial information including the City's yearly budget on the website.