In a special meeting today, the fiscal court approved the second reading of the ordinance for the 2006-2007 tax rate.
2006-2007 WC Tax Rates
Personal Property- 18.5 Cents
Real Property- 13.5 Cents
Motor Vehicle/ Watercraft- 16.2 Cents
Franchise Bank Deposit- .00025 Cents
Personal property taxes are going down 1/10 of a cent to 18.5 cents per $100 of assessed value.
Real property taxes remain at 13.5-cents per $100. Taxes on motor vehicles and watercraft stay at 16.2-cents per $100, and the franchise bank deposit tax rate will stay at .00025.
Though the personal property tax rate went down, the county will actually get about $250,000 more in revenue because there's been so much growth in Warren County.
The magistrates were also told the state is adding a $5.00 fee to the cost of vehicle tags in Kentucky next year.