KRS § 160.473 Limits for board of education tax rates on personal property -- Public hearing and recall not applicable. (Effective until July 15, 2026)
AI-assisted research summary: A local board of education may set a personal property tax rate tied to revenue growth from real property, but it cannot raise that rate above stated caps.
160.473 Limits for board of education tax rates on personal property -- Public hearing and recall not applicable. (Effective until July 15, 2026) (1) (a) For assessment years beginning before January 1, 2029, in the event that a general tax rate applicable to real property levied by a local board of education will produce a percentage increase in revenue from personal property less than the percentage increase in revenue from real property, the local board of education may levy a general tax rate applicable to personal property which will produce the same percentage increase in revenue from personal property as the percentage increase in revenue from real property; however, in no event shall the general tax rate levied by the local board of education applicable to personal property exceed the prior year general tax rate applicable to personal property levied by the respective local board of education. (b) For assessment years beginning on or after January 1, 2029, in the event that a general tax rate applicable to real property levied by a local board of education will produce a percentage increase in revenue from personal property less than the percentage increase in revenue from real property, the local board of education may levy a general tax rate applicable to personal property which will produce the same percentage increase in revenue from personal property as the percentage increase in revenue from real property; however, in no event shall the general tax rate levied by the local board of education applicable to personal property exceed: 1. The prior year general tax rate applicable to personal property levied by the respective local board of education; or 2. The general tax rate applicable to personal property levied by the respective local board of education for the January 1, 2028, assessment year. (2) The general tax rate applicable to personal property levied by a local board of education under the provisions of subsection (1) of this section shall not be subject to the public hearing provisions of KRS 160.470(8) and to the recall provisions of KRS 160.470(9). Effective: April 14, 2026 History: Amended 2026 Ky. Acts ch. 161, sec. 76, effective April 14, 2026. -- Amended 2000 Ky. Acts ch. 389, sec. 11, effective July 14, 2000. -- Repealed and reenacted 1990 Ky. Acts ch. 476, Pt. III, sec. 109, effective July 13, 1990. -- Created 1982 Ky. Acts ch. 397, sec. 7, effective July 15, 1982.