42.495 Effect of reduction of local general tax effort. - Kentucky Statutes

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42.495 Effect of reduction of local general tax effort. (1) If a qualifying local government unit reduces its general tax effort for any fiscal year, below the level of fiscal year 1991-92, that governmental unit shall forfeit
funds that would otherwise be available under the provisions of KRS 42.450 to
42.495 on a dollar-for-dollar basis. (2) For purposes of this section, "general tax effort" shall mean the total revenues raised in fiscal year 1991-92 from the levy of all of the taxing district's taxes in fiscal year
1991-92. Taxes based upon the 1991 assessment of property shall be considered to
be taxes levied and collected for fiscal year 1991-92. Effective: July 1, 1992
History: Amended 1992 Ky. Acts ch. 107, sec. 11, effective July 1, 1992. -- Created 1980 Ky. Acts ch. 394, sec. 10, effective July 1, 1980.