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Home My WebLink About98-1-5795ORDINANCE NO. 98-1- AN ORDINANCE AMENDING SECTION 106-1, ANNUAL PROPERTY ASSESSMENT AND LEVY OF AD VALOREM TAX OF CHAPTER 106, TAXATION, OF THE CODE OF ORDINANCES OF THE CITY OF PADUCAH, KENTUCKY BE IT ORDAINED BY THE CITY OF PADUCAH, KENTUCKY: ') SECTION 1. That Section 106-1, Annual Property Assessment and Levy of Ad Valorem Tax, of Chapter 106, Taxation, of the Code of Ordinances of the City of Paducah, Kentucky, is hereby amended to read as follows: "(a) All real and personal property within the corporate limits of the city subject to taxation for city purposes shall be assessed each year, as provided by law, and an ad valorem tax shall be levied thereon for city purposes. (b) The annual levy for city taxes shall be made before November 1 in each fiscal year, except as provided herein. (c) The levy (rate) for the ad valorem tax on inventor�as provided by law, shall be made before November 1 of the following_ years, and shall be set at the specified rate per $100.00 of assessed value as follows: Year Rate per $100 for the first Rate per $100 above $10,000,000 of assessed value $10,000,000 of assessed value 1998 .28 .015 1999 .21 .015 2000 .14 .015 2001 .07 .015 2002 .00 .000" SECTION 2. That if any section, paragraph or provision of this ordinance shall be found to be inoperative, ineffective or invalid for any cause, the deficiency or invalidity of such section, paragraph or provision shall not affect any other section, paragraph or provision hereof, it being the purpose and intent of this ordinance to make each and every section, paragraph and provision hereof separable from all other sections, paragraphs and provisions. SECTION 3. This ordinance shall be read on two separate days and will become effective upon publication in M. ATTEST:, ' Lenita Smith, CAy Clerk Introduced by the Board of Commissioners January 6, 1998 Adopted by the Board of Commissioners January 13, 1998 Recorded by Lenita Smith, City Clerk, January 13, 1998 Published by The Paducah Sun, 9, /999' \winword\ordinanc\fmance\invtax 61 Im