By MICHAEL CRIMMINS
Glasgow News 1
Posted on the doors of the Glasgow City Hall, located on the Glasgow Public Square, is taped a white piece of paper announcing a public hearing on the city’s proposed tax rate on real and personal property for 2023.
A public hearing is required by the Kentucky Revised Statute 132.027 that states “cities…proposing to levy a tax rate which exceeds the compensating tax rate…shall hold a public hearing to hear comments from the public regarding the proposed tax rate.” In the same section of KRS it also lays out the requirements regarding its “advertisement” and it states all people wishing to speak shall have the chance to present “oral testimony.”
In accordance with the KRS that states “the tax rate levied in the preceding year, and the revenue produced by that rate” along with “the tax rate proposed for the current year and the revenue expected to be produced by that rate” the notice shows that the 2023 proposed rate is 0.169 per $100 with an expected revenue of $1,666,275. The previous year’s rate was 0.172 per $100 but with a lower revenue of $1,579,364.
This 0.169 reflects the Barren County Property Valuation Administration efforts to calculate property values throughout the county. According to the PVA they reach this by calculating a person’s tangibles — non real estate things like equipment or stock — and looking at “comparable” sales of similar properties. The PVA does this assessment every four years.
After the PVA’s assessment, and its approval by the commonwealth, it is submitted to the local governments where it is looked at with the budget, which helps determine the rate.
The public hearing is scheduled for Sept. 11 at 5:45 p.m. in the Glasgow City Hall.
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