The second and final reading of an ordinance adopting tax rates for the 2018 fiscal year were the primary item on the agenda of a special meeting conducted Tuesday by Maysville City Commission.
Commissioners gave unanimous approval to rates that include .246 for motor vehicles per $100 of value, .16 for real and personal property and .025 for financial institution deposits. The rates are expected to generate $860,000 in total revenue for city coffers. That’s about 7 percent of the city’s total budget, City Manager Matt Wallingford said. The bulk of revenue is raised through occupational and payroll taxes, he said.
Wallingford said the rates have remained pretty consistent over the years and the city has never taken advantage of the 4 percent increase allowed by law.
Commissioners and Mayor David Cartmell accepted the PVA assessment for the 2018 tax year of $457 million in real and tangible property. $106 million in personal property and $37 million in inventory.
Other items on the agenda included approval of a 45-day extension on the sewer line project and adoption of an ordinance authorizing the mayor to sign a contract agreement for fiscal year 2019 with the Kentucky Transportation Cabinet for $160,000 for the federal share of funding for the city’s transit system.