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With the economy still sputtering, Elizabethtown joined Hardin County government in holding its property tax rates flat this year.
Elizabethtown City Council voted Monday to accept the recommended real and personal property tax rate of 11.6 cents per $100 of assessed value. The city has held the rate steady for several years.
The council also adopted an ordinance keeping the tax rate at 11.6 cents per $100 of assessed value for motor vehicles and watercraft and kept the franchise tax rate at 0.025 percent for all eligible bank deposits.
The compensating rate, which will create an amount of revenue roughly equal to the previous year, is expected to produce about $3.34 million for Elizabethtown coffers, according to Finance Director Steve Park.
The city could take a growth rate of 12 cents per $100 of assessed value without being subject to voter recall. The maximum growth rate value would produce more than $3.4 million of revenue. Each tenth of a cent equals $27,000 in revenue, Park said.
Park has said the recommended rate allows Elizabethtown to fall near budget projections. Any shortfalls in recent years have been offset with occupational tax revenues, which have been trending above budget, Park said.
The city has been able to stay close to projections with new property coming on, Park said.
Elizabethtown’s vote follows a move by Hardin Fiscal Court to hold real property tax rates flat at 10.9 cents per $100 of assessed value for the sixth straight year.
Radcliff City Council also is expected to hold its real property tax rates at 15.9 cents per $100 of assessed value, which is slightly below the compensating rate of 16 cents per $100 of assessed value, during its 6:30 p.m. voting meeting today at City Hall. It is the third straight year Radcliff will opt for a reduced rate.
Marty Finley can be reached at 270-505-1762 or email@example.com.