Somerset City tax rates remain the same

Carla Slavey, Commonwealth Journal, Somerset, Ky.
·1 min read

Sep. 12—Somerset City Council approved the new property tax and bank franchise tax rates on Monday evening, and they look a lot like the rates that have been in place for more than a decade.

The property tax rate for the fiscal year of 2023-2024 is $0.13 for each $100 of taxable property.

A 2% discount will be given if the bill is paid before November 1, 2022, while a penalty of 20% (plus an interest of 6%) will be added for any bill not paid until after January 1, 2024.

Likewise, the bank franchise and local deposit tax rate will remain the same, holding at 0.025 percent on all deposits.

Any bank franchise bills not paid before June 30, 2024 for the tax year of 2023, or not paid before January 31 for all subsequent tax years will have a 20% penalty and a 6 % interest rate added on.

A 2% discount will be given to financial institutions which pay before December 31. Bills are due before January 31, 2024.

The money collected will go into the General Fund account.

Carla Slavey can be reached at cslavey@somerset-kentucky.com