Knoxville City Council is set to vote on a property tax increase during tonight’s meeting.
Tonight, Mayor Indya Kincannon is asking the City Council to adjust the current tax rate from $2.9638 per $100 assessed valuation to a new rate of $2.1556, the lowest since 1974. This comes after, in April, Mayor Kincannon proposed a 50-cent increase in Knoxville’s property tax, with the goal for it to generate additional revenue to maintain core services and support first responders, a city of Knoxville spokesperson said.
Her original proposal of a 50-cent tax increase would have been the largest single-year jump in recent city history. Under state law, the rate must be adjusted downward to account for increases in property values as determined by the recent countywide reappraisal.
In April, Mayor Kincannon’s proposed a 50-cent increase to generate additional revenue to maintain core services and support first responders, a city of Knoxville spokesperson said.
The new adjustment based on reappraisals will lower the net impact of the recent tax increase to 36.5 cents, according to a release.
“I am pleased that this rate is right in line with what we predicted back in April,” Mayor Kincannon said. “Knoxvillians will be paying taxes at the lowest rate in almost 50 years, while still supporting all the key services they deserve.”