KRS 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 prop erty 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 t he 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 13 2.017(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, consolidat ed 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 i n revenue from real property resulting from the reduced
tax rate applicable to real property.