PARK CITY — The resignation of City Commissioner Rodney D. Good II was accepted Tuesday night by the Park City Commission.

Good cited personal conflicts for stepping down from his city commission seat in his resignation letter.

The city commission is scheduled to fill the vacancy left by Good's resignation during a special-called city commission meeting tonight.

The city commission also approved on first reading Tuesday night an ordinance setting the city's 2019 property tax rates, taking the compensating tax rate.

According to Kentucky Revised Statute 132.010, the compensating tax rate is a rate, when rounded to the next higher one-tenth of a cent per $100 of assessed value and applied to the current year’s assessment, excluding new property, will produce about the same amount of revenue as what was collected the previous year.

The ordinance calls for the tax rate for real estate and tangible personal property to be set at 30.8 cents per $100 of assessed value.

The new tax rate for real estate property is anticipated to generate $48,852 in revenue, while the tangible personal property tax rate is expected to generate $12,945, said City Clerk Bobby Bunnell after the city commission meeting Tuesday night.

While the new tax rates are actually lower than the rates for 2018, the amount of revenue the new tax rates will generate is higher, Bunnell said.

The property tax rate for real estate for 2018 was 32.9 cents per $100 of assessed value, and the tangible personal property tax rate for 2018 was 36.14 cents per $100 of assessed value.

Combined the tax rates for 2018 generated $53,506 in tax revenue for the city. Combined the tax rates for 2019 will generate $61,797 in property tax revenue for the city, which is $8,291 more than what the tax rates generated for the city in 2018.

The city commission is scheduled to approve on second reading an ordinance setting the tax rates for 2019 also during their special-called meeting tonight. The meeting will take place at city hall along Mammoth Cave Avenue and will start at 6 p.m.

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