By GAGE WILSON
for Glasgow News 1
The Park City Commission met in a special-called session Friday, Sept. 5, to reset its 2025-26 property tax rates after previously approving a 4-percent increase.
Commissioners had originally passed the 4-percent increase of 27.4 cents per $100 of assessed value on Sept. 2, but did not schedule a public hearing ahead of the vote, which Kentucky law requires for municipalities that take a rate higher than the compensating rate. The compensating rate is the rate which, excluding new developments, produces roughly the same revenue as the year prior.
Mayor Larry Poteet said this was the first time during his tenure that such a hearing would have been needed.
To keep the process on track with the state, commissioners approved the first reading of the compensating rate, and Poteet invoked an emergency second reading to finalize the measure. The compensating rate is 26.1 cents per $100 of assessed value.
The meeting lasted about 10 minutes with little discussion.
Under the adopted compensating rate, Park City will collect $72,609 in real estate revenue for 2025, a 3.68 percent increase from last year. By comparison, the 4 percent increase would have generated $76,226, or an 8.25 percent increase over 2024.
Glasgow News 1 Journalist Michael Crimmins contributed to this reporting.
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