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132.018 Reduction of tax rate on personal property.

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132.018 Reduction of tax rate on personal property. (1) If the tax rate applicable to real property levied by a county fiscal court, district board of education, or legislative body of a city, consolidated local government, <br>urban-county government, or other taxing district is reduced as a result of <br>reconsideration by the county fiscal court, district board of education, or legislative <br>body of a city, consolidated local government, urban-county government, or other <br>taxing district under the provisions of KRS 132.017(2)(i), the tax rate applicable to <br>personal property levied under the provisions of KRS 68.248(1), 132.024(1), <br>132.029(1), and 160.473(1) shall be reduced by the respective county fiscal court, <br>district board of education, or legislative body of a city, consolidated local <br>government, urban-county government, or other taxing district to an amount which <br>will produce the same percentage increase in revenue from personal property as the <br>percentage increase in revenue from real property resulting from the reduced tax <br>rate applicable to real property. (2) If the tax rate applicable to real property levied by a county fiscal court, district board of education, or legislative body of a city, consolidated local government, <br>urban-county government, or other taxing district is reduced, under the provisions <br>of KRS 132.017(3), as a result of a majority of votes cast in an election being <br>opposed to such a rate, the tax rate applicable to personal property levied by the <br>respective county fiscal court, district board of education, or legislative body of a <br>city, consolidated local government, urban-county government, or other taxing <br>district shall be reduced, without further action by the levying body, to an amount <br>which will produce the same percentage increase in revenue from personal property <br>as the percentage increase in revenue from real property resulting from the reduced <br>tax rate applicable to real property. Effective: June 20, 2005 <br>History: Amended 2005 Ky. Acts ch. 121, sec. 5, effective June 20, 2005. -- Amended 2002 Ky. Acts ch. 346, sec. 163, effective July 15, 2002. -- Repealed and reenacted <br>1990 Ky. Acts ch. 476, Pt. V, sec. 309, effective July 13, 1990. -- Created 1982 Ky. <br>Acts ch. 397, sec. 9, effective July 15, 1982. Legislative Research Commission Note (6/20/2005). 2005 Ky. Acts ch. 121, sec. 6, provides: &quot;The provisions of this Act shall apply to ordinances, orders, resolutions or <br>motions passed after July 15, 2005.&quot; Legislative Research Commission Note (6/20/2005). The paragraph in KRS 132.017(2) that is referred to in subsection (1) of this section has been changed in codification by <br>the Reviser of Statutes under the authority of KRS 7.136 to reflect the correct <br>lettering of paragraphs in 2005 Ky. Acts ch. 121, sec. 1, subsec. (2).