Cold Spring City Council met Monday night in a special session to hear and discuss the first reading of the proposed property tax rates for 2023-2024 fiscal year.
The proposed real property tax rate is $0.127 per $100 of property valuation, a decrease from last year’s rate of $0.149 per $100.
The rate for personal property tax will be $0.122 per $100. Last year it was $0.143 per $100.
Discussion was brief, and council members voted on the first reading. The vote was unanimous to accept the lower tax rates; however, the rates will not be official until the second reading.
“I’m proud to be part of a city that is able give back to the citizens by reducing their property tax rate,” Council Member Paul Kloeker said. “Cold Spring has not taken the extra 4% allowed by law anytime during my five years of tenure on council. I commend the city staff, mayor, council and department heads for making this happen. I just wish other Northern Kentucky cities and government entities would follow suit.”
Council will have a second reading and make a final vote at the next council meeting scheduled for Monday, Sept. 25 at 7:30 p.m. Meetings are held at the Cold Spring City Building at 5694 E. Alexandria Pike in Cold Spring.
Need a refresher on tax terminology and procedures? Read our tax explainer.