FINANCIAL INFORMATION
The City
of Parkway Village fiscal year begins on July 1 and ends on June 30. A budget ordinance is passed each
year by the Commission reflecting revenue sources and expenditures. In odd-numbered years, the City is required by Kentucky
statute to undergo an audit. No material weaknesses have been discovered as a result of audit.
The main sources
of general revenues for the City are from Real Property Tax, Business License Tax, and Insurance Premium Tax. The main
source of restricted revenue is from the Kentucky Municipal Road Aid Program. These funds can only be utilized
for expenses related to repairs and improvements of public streets, sidewalks, and rights-of-way.
REAL PROPERTY TAX
Property valuations are determined by the Jefferson County
Property Valuation Administrator's office (PVA). The PVA prints the tax bills which are mailed by the Parkway
Village Tax Collector in November of each year. Property tax payments are considered timely if postmarked
on or before February 15th of the following year. If February 15th falls on a Sunday or US Post Office holiday,
the bill is due on the next business day. A twenty percent (20%) late penalty is imposed after the due
date. A one percent (1%) interest charge is added to unpaid tax bills at March 15th, and on the fifteenth day
of each month thereafter, until payment is received. Property liens are placed for delinquent tax
accounts on or after July 1 each year. There is a $20.00 lien release fee imposed at the time taxes are paid in
full. A fifteen percent (15%) discount is allowed if the tax remittance is postmarked on or before January 15th
of the following year. If January 15th occurs on a Sunday or US Post Office holiday, the discount is allowed on the next
business day.
Approximately one third of property tax bills are paid by mortgage companies who have
written the City requesting the bills be directed to them. Please contact your mortgage company or housing
lender to determine the party responsible for payment if you are unsure. Duplicate payments will be refunded to
the property owner. If you believe you are resonsible for remittance and do not receive a tax bill, please contact the
City Clerk/Treasurer/Tax Collector at 638-9872. Please be advised that the City Clerk/Treasurer/Tax Collector does
not have authority to grant extensions or waive penalties and interest.
Business License Fees
The following is an overview of business licensing procedures.
To view or acquire pertinent business license ordinances, please contact the City Clerk/Treasurer at 638-9872.
Anyone
operating a business in the City of Parkway Village must obtain an annual business license. Business license fees are
based upon prior year revenues as reported to the IRS, or anticipated revenues for businesses that have not yet filed
a federal tax return.
Upon establishment of a new business within the City of Parkway Village, an application must
be filed with the City Clerk and a payment of $15.00 is required. After being in business for 90 days, the business
must project revenues for the remainder of its calendar or fiscal year and pay the appropriate license fee, less the
initial $15.00 payment.
The City Clerk/Treasurer sends renewal applications and fee schedules to all businesses
during May of each year. Completed applications and payments are due on or before June 1st of each year.
Upon receipt of completed applications and license fees, the City Clerk/Treasurer prepares and delivers Business Licenses to
each business which are valid through May 31st of the following year. Licenses must be prominently displayed.
For each calendar month or part thereof that payment is late, a penalty of 10%, but not less than $5.00 will be incurred.
FEE SCHEDULE
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Gross Receipts (Dollars)
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License Fee (Dollars)
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$0 - $1000
$1,000 - $15,000
$15,000
- $25,000
$25,000 - $35,000
Over $35,000
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$0.00
$15.00
$25.00
$35.00
$35.00 + $15.00 per $15,000 or part thereof of gross receipts
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Insurance Premium Tax
Insurance companies
are required to assess policy premium surcharges that are then remitted to the city government of the policyholder's residence.
The City of Parkway Village receives revenues from surcharges on auto, fire, casualty, and other miscellaneous insurances
policies.
Please check with your insurance carrier(s) to ensure that your premium surcharges are
being properly appropriated to the City of Parkway Village.
Kentucky Municipal Road Aid Program
The
City of Parkway Village receives monthly revenue from the Commonwealth of Kentucky based upon vehicular road usage across
the state. These funds are restricted and can only be expended for City improvement projects on public streets,
sidewalks, and public rights-of-way.
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