The City of Monticello is hoping to grow its boundaries and annex four parcels of property into the city limits. The council met Monday evening and heard the first reading of two ordinances that would annex property along Bypass 90 and East KY 90 into the city.
The proposed properties include the Farmer's Coop and the adjacent property which is owned by Don Sidwell. The other two pieces of property include the new Don Franklin location and the property adjacent to it which is owned by CKV LLC Property.
Since this was the first reading for both ordinances, no council action was required. The ordinances will require a second reading and council approval.
The council approved the tax rates for this year. Property taxes will increase slightly in the city, from 12.1 cents per hundred dollars assessed value to 12.3 cents per hundred dollars assessed value.
The minimal increase was mandated so that the city will stay at the same funding level as last year. City Clerk-Treasurer Greg Latham explained that the assessed value of tangible property in the city decreased, which is why the compensating rate for the city increased.
Latham explained that for a home valued at $100,000, the property tax would increase by only $1.
The tangible property tax rate was set at 12.3 cents per hundred dollars assessed value. The tax rate for motor vehicles and watercraft will be 22.5 cents per hundred dollars assessed value.
Also during the meeting, the council discussed two ongoing sewer expansion projects. Monticello Utility Commission Manager Scott Upchurch updated the council about the American Woodmark project.
He said that engineers are working on the design for the project. He noted that the West Monticello Subdivision project remains in the easement phase, as property owners continue to be contacted.
He suggested that a town hall meeting be scheduled in the next few weeks, which would allow property owners who have not signed easements to meet with project engineers and get more information on the project.