Commercial property owners in Fayette County, Kentucky will soon receive an additional supplemental property tax bill. The additional assessment is a result of a property tax rate increase approved by the Lexington-Fayette Urban County Council. The difference will be an additional 0.009 cents per $100 in value.
This 2023 additional bill represents the balance of the ad valorem property tax rate approved for streetlights and refuse collection by the Lexington-Fayette Urban County Council on August 31, 2023. The approved rates exceeded the allowable 4% and, therefore, were subject to recall as defined in KRS 132.017. Since, no valid recall petition was filed with the Fayette County Clerk by October 20, 2023, this additional bill will be due according to the following schedule:
|
2% Discount |
12/01/2023 – 01/01/2024 |
|
Face Amount |
01/02/2024 – 02/29/2024 |
|
5% Penalty |
03/01/2024 – 03/31/2024 |
|
10% Penalty +10% Add-On |
04/01/2024 – 06/15/2024 |
According to the above schedule, supplemental property tax payments received or postmarked by January 1, 2024, will receive a 2% discount. Payments received or postmarked by February 29, 2024, will be paid at face value and will avoid penalties. Payments received after March 1, 2024, will include penalties.
Taxpayers who did not receive their supplemental bill during the first week of December should contact the Office of Sheriff Property Tax Division at 859.252.1771 to request a duplicate copy. The local experts at Ryan are assisting clients with these additional tax bills and are available to answer questions. Contact us today.
Fayette County Tax Notice - 2023 Additional Bill
Learn More About Kentucky Commercial Property Taxes
TECHNICAL INFORMATION CONTACTS:
Brad Wallace
Principal
Ryan
404.942.6346
brad.wallace@ryan.com
Chris Langston
Senior Manager
Ryan
404.942.6341
chris.langston@ryan.com
The material presented in this communication is intended to provide general information only and should solely be seen as broad guidance and not directed to the particular facts or circumstances of any individual who may read this publication. No liability is accepted for acts or omissions taken in reliance upon the content of this piece. Before taking (or not taking) any action, readers should seek professional advice specific to their situation from Ryan, LLC or other tax professionals. For additional information about this topic, please contact us at info@ryan.com.
- Topics
- Property Tax
- Kentucky