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The Owenton City Council recently rejected a plan to accept a 4-percent tax increase for the compensating rate, but officials say taxes would have gone down either way.
At its Oct. 1 meeting, the council held a first reading of an ordinance establishing tax rates for 2013.
In the first reading of the ordinance, tax rates were set at 0.2900 for every $100 of real property; 0.2280 on every $100 worth of personal property and 0.2829 on every $100 worth of vehicles.
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