floydcountytimes.com

City tax rate gets initial approval

Ralph B. Davis
Managing Editor

9 months 2 days 8 hours ago |6 Views | | | Email | Print

PRESTONSBURG — The Prestonsburg City Council had a first reading of its annual tax ordinance, with no changes expected for the upcoming year, during the council’s meeting Monday evening.


The ordinance calls for the tax rates to remain unchanged from this year, with real property taxed at 23.3 cents per $100 of assessed value and personal property, such as cars and boats, taxed at 41.33 cents per $100 of assessed value.


After the meeting, Mayor Jerry Fannin said when the city received its tax information from the state, both the rate and the amount of money the tax would bring in were identical from last year.


“Obviously, the assessment didn’t change from last year,” Fannin said.


The ordinance must still receive a second reading, get a positive vote from the council and be published in the newspaper before it takes effect.


In other news, the council also approved a couple of housekeeping matters related to Mountain Comprehensive Care Center’s pending construction of a substance abuse treatment center at the Stonecrest industrial park. Included in the measures was the city’s blessing for Big Sandy Area Development District to pursue state and federal grant funding to pay for the contruction of a road to the future site of the center.


All members except Bob Carpenter and Tim Cooley were present at Monday’s meeting.

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