Hopkinsville City Council unanimously approved the 2023 real estate, property, and motor vehicle tax rates during a special Thursday night meeting, with the council also adopting economic incentives for the Toyota Boshoku project.
City Clerk Brittany Byrum read the proposed tax rates, with the real estate rate slightly lower than the 2022 rate of 22.5 percent.
Byrum noted in the ordinance that city residents can receive a discount prior to the end of October.
The real property tax rate will be 22.3 cents per $100 of assessed value, with the personal property tax rate set at 29.3 cents, and the motor vehicle and watercraft tax rate set at 25.1 cents.
The Council also approved economic incentives for Toyota Boshoku which is planning to build a manufacturing facility in Commerce Park II in Hopkinsville. The 20-year incentive allows the company to retain up to 60 percent of all occupational license fees for employee compensation for 20 years.
The council voted to issue industrial revenue bonds for the project. They also voted to apply for $750,000 in funding from the Kentucky Economic Development Cabinet for the Toyota Boshoku project.
