By Ronica Shannon
Register News Writer
RICHMOND —
The Richmond City Commission met in special session Tuesday to adopt property tax rates for the 2010-2011 fiscal year that is expected to increase overall revenue by 4 percent.
The city’s personal property tax rate has increased from 15.4 to 16.98 cents per $100 of assessed valuation.
The real property tax rate of 14.8 cents per $100 valuation remains unchanged from 2009.
The city will use 1.8 cents from both the personal and real property tax rates for maintenance and operation of the Richmond Parks and Recreation facilities for the 2010 fiscal year.
The motor vehicle tax rate was set at 28.7 cents per $100 of assessed property value.
“The slight increase that we have built in will increase the city’s overall revenue by 4 percent and does not mean that it increases the tax rate by 4 percent,” said Interim City Manager Jimmy Howard.
Tax bills paid prior to Nov. 1 will be reduced by 2 percent, said Mike Broyles, city finance director. Bills paid after Dec. 31 will be assessed a 10 percent penalty.
Tax rates also have recently been adopted by several other local entities, but the Berea City Council will not hear first reading of it property tax rate until Sept. 21. The draft of a tax ordinance approved Tuesday night would leave the rate unchanged at .099 cents per $100 of assessed value.
The Madison County School Board The Madison County Board of Education levied a real estate property tax rate of 56.4 cents at its meeting in August.
Berea Independent Schools recently voted to increase its property tax rate from 85.7 cents to 89.9 cents per $100 of assessed property value.
Districts are permitted by law to generate a 4 percent increase in revenue from taxes on existing property without it being subject to a referendum.
The Madison County Ambulance Board announced in late August it would be adopting the compensating rate of 5 cent, which is a slight increase from last year’s of 4.9 cents per $100 of assessed property value.
If the compensating tax rate is adopted, a public hearing is not required by state law. The compensating rate is geared to bring in roughly the same amount of revenue as the previous year.
The compensating rate for the Madison County Ambulance Board is expected to bring $95,263 in revenue from new property; $207,820 from personal property; $250,513 from motor vehicles; and $7,168 from watercraft.
The Madison County Library Board accepted the compensating rate of 5.6 cents per $100 of assessed value; 15.14 cents for personal property and 3.5 cents for motor vehicles and watercraft.
The Madison County Extension Office’s tax rates have not changed in five years, according to extension office representative Lisa Adams.
The tax rate for real property is 1.5 cents per $100 assessed value; personal property is 3.25 cents and the motor vehicle and watercraft rate is 1.3 cents.
Ronica Shannon can be reached at rshannon@richmondregister.com or 624-6608.
