City Sets Tax Rate for 2017 Fiscal Year

At Tuesday's meeting, Paducah City Commissioners approved an ordinance setting the real estate and personal property taxes for fiscal year 2017.  

Compared to last year, there is no increase or decrease in property taxes. The city’s real estate tax levy will stay at 25.5 cents per $100 assessed value.  The city’s compensating rate, the rate that would keep the revenue at the same amount as this fiscal year, is 25.4 cents per $100 assessed value. The city is taking an amount less than the 4 percent allowed by Kentucky Revised Statutes.

Commissioner Allan Rhodes said, "The tax rate is 56 percent of what the rate was in 1995. And if you think about it, I think that you could say your city is being pretty efficient." 

In 1995 the real estate rate was 43.8 cents per $100 assessed value.  The revenue generated by the property tax is the City’s second highest revenue source behind the payroll tax.

City property taxes are due November 1.