In 1374 Kamianets obtained a number of privileges as a result of the implementation of the Magdeburg law. Subsequently a new administrative and municipal building was built to cater to the administrative and municipal needs of the city. Initially the magistrate building comprised of wooden structures. During the 15th -16th centuries the wooden structures were replaced by structures made out of stone. In 1754 the building was rebuilt again. Thesedays the building has two parts - a two-storey building (City Hall - city council building) and a seven-tiered bell tower.
In 1785, a mechanical clock was as added to the tower. The clock, even today displays time accurately. On the low tier of the tower one can find the remains of the first city clock. This clock was quite extraordinary as it was divided into 24 sectors rather than 12. These types of clocks were widespread in Europe until the end of the 16-century. They had only one hand and indicated an hour.
Opposite to the city hall there was the so-called "Calvary" - a place, where public executions were performed. From the middle of the 16th century till the 1760s Kamianets was one of the few cities in Ukraine, with a permanent executioner in place. Thesedays the “Museum of money” is located on the second floor of the City Hall. The museum exhibition has various samples of coins and paper money in display, dating back from ancient times to the 21th century.