Kentucky Administrative Regulations › Title 702 - EDUCATION AND WORKFORCE DEVELOPMENT CABINET - BOARD OF EDUCATION, DEPARTMENT OF EDUCATION - OFFICE OF DISTRICT SUPPORT SERVICES › Chapter 3 - School Administration and Finance › Section 702 KAR 3:275 - School district tax rate formulas

Current through Register Vol. 51, No. 1, July 1, 2024
RELATES TO:
				KRS
				132.010,
				134.590,
				157.440,
				157.620,
				157.621,
				160.470,
				160.473,
				160.476,
				160.477
NECESSITY, FUNCTION, AND CONFORMITY:
				KRS
				156.070 sets forth the State Board for
				Elementary and Secondary Education's plenary powers over the management and
				control of local school districts.
				KRS
				156.160 gives the State Board for Elementary
				and Secondary Education the authority to promulgate administrative regulations
				deemed necessary for the management of the school districts under its control.
				This administrative regulation is necessary to provide guidelines for the
				calculation of the tax rates certified to the school districts by the
				Department of Education.
Section 1.
			 Definitions.
(1) "Current year total valuation
			 of adjusted property at full rates" means the prior year assessment of adjusted
			 property at full rates minus current year homestead exemptions plus current
			 year net assessment growth all as certified by the Revenue Cabinet.
(2) "Current year total valuation of personal
			 property" means the sum of tangible personal property, effective public service
			 company tangible property and distilled spirits property all as certified by
			 the Revenue Cabinet.
(3) "Current
			 year total valuation of real property" means real estate plus effective public
			 service company real estate property minus net new real estate and new
			 effective public service company real estate property all as certified by the
			 Revenue Cabinet.
(4) "Effective
			 public service company property" means assessments which may be adjusted by the
			 Revenue Cabinet for apportioned property not subject to full
			 taxation.
(5) "Maximum revenue
			 collectible" means the prior year's permissive tax revenue plus the levied tax
			 rates per $100 of assessed value for real and tangible property times the prior
			 year assessment of real and tangible property as certified by the Revenue
			 Cabinet and the maximum motor vehicle revenue collectible.
(6) "Maximum motor vehicle revenue
			 collectible" means seven (7) times the prior year levied motor vehicle tax rate
			 plus five (5) times the current year levied motor vehicle tax rate divided by
			 twelve (12) times the prior year assessment of motor vehicles as certified by
			 the Revenue Cabinet.
(7) "Prior
			 year adjusted tax base" means the prior year assessment of adjusted property at
			 full rates minus current year homestead exemptions both as certified by the
			 Revenue Cabinet.
(8) "Prior year
			 revenue from real property" means the prior year real estate tax rate levy
			 times the prior year total valuation of real property as certified by the
			 Revenue Cabinet.
(9) "Prior year
			 revenue from personal property" means the prior year personal property tax rate
			 levy times the prior year total valuation of personal property as certified by
			 the Revenue Cabinet.
(10) "Prior
			 year total valuation of personal property" means the sum of prior year tangible
			 personal property, prior year effective public service company tangible
			 personal property and prior year distilled spirits property all as certified by
			 the Revenue Cabinet.
(11) "Prior
			 year total valuation of real property" means prior year real estate property
			 plus prior year effective public service company real estate property both as
			 certified by the Revenue Cabinet.
(12) "Current year projection for permissive
			 taxes" means prior year permissive tax collections divided by prior year total
			 valuation of property and motor vehicles times the current year total valuation
			 of property and motor vehicles all as certified by the Revenue Cabinet or as
			 estimated by the school district.