The City of Monticello has heard the first reading of two separate ordinances that would annex four different pieces of property into the city limits. The council meet last night (Monday) and proposed the annexation of the Farmers Co-op property and the adjacent land owned by Don Sidwell, which is located on Bypass 90. They are also proposing to annex the Don Franklin property and the piece of land next to it on East KY 90. Since both ordinances were first readings no action was taken last night. It will take a second reading and council action to become effective. Also during the meeting, the council approved the tax rates for this year. Property taxes will increase slightly in the city, from 12.1 cents per hundred dollars assessed value to 12.3 cents per hundred dollars assessed value. The minimal increase was mandated so that the city will stay at the same funding level as last year. City Clerk-Treasurer Greg Latham explained that the assessed value of tangible property in the city decreased, which is why the compensating rate for the city increased. Latham explained that for a home valued at $100,000, the property tax would increase by only $1. The tangible property tax rate was set at 12.3 cents per hundred dollars assessed value. The tax rate for motor vehicles and watercraft will be 22.5 cents per hundred dollars assessed value.