Looking to get the ball truly rolling on the 2024-25 fiscal year, Cadiz City Council convened in special session Thursday night — approving the first reading of ad valorem tax rates, motor vehicle and watercraft rates, as well as a second reading of an ordinance focused on mapping the zones and city’s limits.
Council members are seeking 20.4 cents per $100 of assessed valuation on real property, and 34.1 cents per $100 on assessed valuation of personal property.
While this is a decrease from last year’s 21.2 cents on real estate, homes and other immovable items, it is an increase of nearly 13 cents on personal property — which according to city ordinance is defined as all articles other than improvements to land, and can include movable items like professional trade tools, business fixtures and other similar inventories.
City Clerk Susan Hyde explained the continued slide on real estate tax is in direct correlation with rising property values assessments, as well as new improvements and developments.
Officials are seeking for motor vehicle and watercraft rates to remain locked into last year’s value of 26.2 cents per $100 of assessed valuation.
In 2022, the city respectively had rates of 24.2 cents on real property, and 21.78 cents on personal property, motor vehicle and watercraft.
In 2021, the city respectively had rates of 25.3 cents on real property, and 21.65 cents on personal property, motor vehicle and watercraft.
A second reading of both rates will come in the September meeting.
Furthermore, council members fully adopted a new zoning map for the city — one made possible through the efforts of Todd Wallace, Chappell Wilson and the Cadiz-Trigg County Planning Commission.
In a previous presentation with the council, Wallace and Wilson noted some annexation marks were last made in 1986, while certain city limits and zoning designations were last adopted in 1989. The new rendering came together this past May, and is a culmination of research, mapping and verification through both the Office of the Kentucky Secretary of State, as well as the Pennyrile Area Development District.
