Cold Spring approves lower tax rate, zone map amendment

Municipal building
Cold Spring City Council approved lowering property tax rates for FY 2023-24. Photo by Robin Gee | LINK nky contributor

At their meeting on Sept. 25, Cold Spring City Council voted to approve a proposed tax rate for fiscal year 2023-2024.

The rate is a significant decrease from last year. The new rate is $0.127 per $100 of real property valuation, a decrease from last year’s rate of $0.149 per $100. The rate for personal property is now .122 per $100. For vehicles, the new rate is .169 per $100.

“Council, I’m very proud of the way that you’ve worked hard on lowering taxes,” Mayor D. Angelo Penque said. “I feel the community is very excited about the taxes and about the growth we have…Congratulations.”

Clearing the way for apartments

Per a recommendation from the Planning and Zoning Commission, council also voted to amend the city’s zoning map. The move affects approximately 12.95 acres located south of the intersection of US 27 and Martha Layne Collins Boulevard, near the Elks Club.

The amendment will change zones in that area now designated neighborhood shopping center, residential two and professional office to residential three with a residential cluster development overlay.

The change will clear the way for a proposed apartment project by the Cincinnati-based Vision Realty Group. The project would include 174 units. Five percent of the units would be studios, 10% would be two-bedrooms and the remaining 85% would be one-bedroom apartments.

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