By MICHAEL CRIMMINS
Glasgow News 1
Park City Commissioners aren’t done with the 2025-26 tax rate yet. The four commissioners, along with Mayor Larry Poteet, are scheduled to convene in a special-called meeting on Friday, Sept. 5 at 4:30 p.m. to have a first and second reading adopting the compensating tax rate instead of the rate that results in a 4 percent revenue increase.
The commissioners had a second reading adopting the 4 percent rate of 27.4 cents per $100 of assessed value on Sept. 2.
To take a tax rate higher than the compensating rate, which is calculated to produce roughly the same revenue as the prior year, public entities “must hold a public hearing” and advertise in the newspaper of the largest circulation prior to the rate’s adoption, according to the Kentucky Department of Revenue.
“Any taxing district proposing to levy a tax rate which exceeds the compensating tax rate, must hold a public hearing to obtain comments from the public regarding the proposed tax rate,” the department stated.
The lack of a public hearing is the reason for the special-called meeting to adjust the tax rate, the Park City agenda stated.
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