132.018 Reduction of tax rate on personal property

132.018 Reduction of tax rate on personal property.

(1) If the tax rate applicable to real property levied by a county fiscal court, district

board of education, or legislative body of a city, consolidated local government,

urban-county government, or other taxing district is reduced as a result of

reconsideration by the county fiscal court, district board of education, or legislative

body of a city, consolidated local government, urban-county government, or other

taxing district under the provisions of KRS 132.017(2)(j), the tax rate applicable to

personal property levied under the provisions of KRS 68.248(1), 132.024(1),

132.029(1), and 160.473(1) shall be reduced by the respective county fiscal court,

district board of education, or legislative body of a city, consolidated local

government, urban-county government, or other taxing district to an amount which

will produce the same percentage increase in revenue from personal property as the

percentage increase in revenue from real property resulting from the reduced tax

rate applicable to real property.

(2) If the tax rate applicable to real property levied by a county fiscal court, district

board of education, or legislative body of a city, consolidated local government,

urban-county government, or other taxing district is reduced, under the provisions

of KRS 132.017(3), as a result of a majority of votes cast in an election being

opposed to such a rate, the tax rate applicable to personal property levied by the

respective county fiscal court, district board of education, or legislative body of a

city, consolidated local government, urban-county government, or other taxing

district shall be reduced, without further action by the levying body, to an amount

which will produce the same percentage increase in revenue from personal property

as the percentage increase in revenue from real property resulting from the reduced

tax rate applicable to real property.