It was a double dose of good news for London residents this week. First of all, property taxes will decrease again thanks to growth in the city. Secondly, London was chosen as one of the best places to retire in Kentucky in a national study.
At its regular monthly meeting on Monday night, London City Council voted unanimously to lower the tax rates on motor vehicle/motorcraft, real property and personal property from last year’s rate of .087 to .086.
It is the 15th consecutive year that city residents will see no increase in their taxes.
Don McFadden, with the Laurel County Property Valuation Administration (PVA) told council members that real property value had increased within the city, and that new construction was up considerably.
“Last year’s real estate was valued at $633 million. This year it is $659 million, with $13 million net in new construction,” he explained. “With that, you can lower the rates.”
Mayor Troy Rudder said the lowered tax rate would still keep the city’s revenues within the 4% range, with council members voting to accept the .086 rate. That means city residents will pay .086 cents for $100 value on real, personal and motor vehicles for the upcoming year.
“That’s not a lot, but it’s something. We’ve lowered or kept tax rates the same for the last 15 years,” the mayor said.
Council members then approved the first reading of the ordinance establishing those rates. The ordinance requires city residents to pay their taxes by Dec. 1, 2021. Those who pay before that time will receive a 2% discount. Those paying after Dec. 1 will add a 6% penalty to their totals.
According to an annual study by SmartAsset, London is the second-best place in Kentucky to retire, London ranked second on the list with a 16.5 percent tax burden, 7.7 doctor offices per 1,000 people, and 0.7 recreation centers per 1,000 people. About 17.6 percent of the population is made up of seniors, according to the seventh annual study of the best places to retire in the United States by SmartAsset.As part of the analysis, SmartAsset compared localities across four criteria, including tax burden, access to medical care, and opportunity for recreation and social activity.SmartAsset offers the web’s best personal finance advice, data visualizations and tools for free. It empowers people with the information needed to make life’s biggest financial decisions with confidence, the company says about itself on its website.
Pikeville was first on the list of the best places to retire in Kentucky, based on the analysis by SmartAsset.