The city collects taxes on property, retail sales, utilities and the sale of real estate:
Business and Occupation Tax: None
Covington does not impose a local business and occupation tax.
Sales Tax Rate: 8.6%
Sales tax revenue is the largest source of city revenue. Revenues are divided between the General Fund (84%), Parks Fund (16%) and the Cumulative Reserve Fund (0%).
Property Levy: $1.18 per $1,000 of assessed value (2010)
Property taxes are collected for the city’s General Fund.
Utility Tax: 6.0%
This tax covers electricity, natural gas, telephones, cellular telephones, cable television, and solid waste. Revenues are divided between the General Fund, Parks Fund, Street Fund and Capital Investment Fund.
Real Estate Tax: 0.5%
Levied on all property and combined with the State real estate tax of 1.28%. The real estate tax generates funds for capital improvements identified under the Comprehensive Plan.