Section 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:7/1/1992
Amended 1992 Ky. Acts ch. 107, sec. 11, effective7/1/1992. -- Created 1980 Ky. Acts ch. 394, sec. 10, effective 7/1/1980.