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Composition of state and local tax revenues by sales taxes (brown), property taxes (white), licenses and other fees (grey), individual and corporate income taxes (green) in 2007. Determining the value of property is a critical aspect of property taxation, as such value determines the amount of tax due.
A property tax, millage tax is an ad valorem tax that an owner of real estate or other property pays on the value of the property being taxed. Ad valorem property taxes are collected by local government departments (examples are counties, cities, school districts, and special tax districts) on real property or personal property.
Tax is collected by the Kentucky Department of Revenue. [141] Kentucky has a flat 4% individual income tax rate. The sales tax rate in Kentucky is 6%. [142] Kentucky has a broadly based classified property tax system. All classes of property, unless exempted by the Constitution, are taxed by the state, although at widely varying rates. [143]
The county was formed, as Kentucky's 95th county, from portions of Harlan, Perry, and Pike counties, and named for Robert P. Letcher, who was the governor of Kentucky at that time. Its county seat, Whitesburg, was called Summit City before becoming the county seat.
A payment in lieu of taxes, abbreviated as PILT or PILOT, [1] [2] [3] is a payment made to compensate a government for some or all of the property tax revenue lost due to tax exempt ownership or use of real property.
Property taxes are levied by either state government or local civic bodies. Property tax or 'house tax' is a local tax on buildings, along with appurtenant land. It is imposed on the Possessor (not the custodian of property as per 1978, 44th amendment of the constitution). It resembles the US-type wealth tax and differs from the excise-type UK ...
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According to Jefferson County Clerk, property taxes for land that was Corn Island are currently paid by the James family of Louisville. The Corn Island "land" has been in the family for generations, and it has continued to pay the annual tax bill for it.
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