Slides from Wednesday, September 18, 2024 about 2024 Real & Personal Property Tax Rates from City Council’s September Special Meeting.

“Slide titled ‘2024 Tax Calculations Workbook’ on a green background. On the left is a scanned Kentucky Department of Revenue “Tax Rate Calculations Workbook – Real” form listing 2023 and 2024 assessed values and rates in columns. On the right are three bullet points in black: ‘Formula provided by the State,’ ‘Property Tax Rates are reviewed yearly,’ and ‘The City of Morehead property tax rates are based off of the Certified Tax Roll provided to us by the State,’ plus a note about 2023 base differences. City logo and Morehead branding appear at bottom right.”
“Slide on a green background with an open-book graphic labeled ‘Kentucky Unbridled Spirit’ workbook header on the left. On the right, bold text reads ‘2024 Worksheet provided by the Commonwealth of Kentucky.’ Below that is the Morehead logo and slogan.”
“Green-background slide titled at top ‘From KY Dept Revenue website.’ Centered is a paragraph of dark gray text explaining House Bill 44’s ‘compensating tax rate’ formula—a ‘hold harmless’ clause ensuring revenue from existing real property assessments remains constant, with an allowance for upward adjustment if necessary. Morehead logo appears at lower right.”
“Slide showing a white workbook page labeled ‘Compensating Rate for 2024’ pinned at left on an orange-and-green background. Three black arrows point from parts of the worksheet to orange callouts: the top arrow to ‘Compensating Rate,’ the middle arrow to ‘If Less Than,’ and the bottom arrow to ‘Then Use Substitute Compensating Rate.’ Morehead logo sits at bottom right.”
“Slide showing the lower half of the Kentucky tax workbook page, section II titled ‘Rate allowing 4% Increase in Revenue from real property.’ Two black arrows point from the calculation results: one to an orange label ‘Substitute Compensating Rate’ next to the rounded .452 figure, and one to ‘4% Increase in Revenue Option’ next to the .470 rate. The background is green with Morehead branding at bottom.”