Public Hearing on 2024 Tax Rate

Per KRS 132.027
Event Date: 
Monday, June 17, 2024 - 6:30pm

Address

Prospect City Hall
9200 US Hwy 42
Prospect, KY 40059
United States

The City of Prospect will hold a public hearing per KRS 132.027 for setting its 2024 real property tax rate.

The 2023 tax rate of $.171 per $100 of assessed valuation, produced $1,814,036.

The compensating tax rate for 2024, the rate that would produce the same revenue as 2023, is $.168 per $100 of assessed valuation.

The 2024 proposed tax rate is $0.174 cents per $100 assessed valuation and would produce $1,920,050.

The City of Prospect proposes to exceed the compensating tax rate with the expected revenue spent on police protection and general government expenses.