7 Cent Tax Increase
|Looks like the City of Loudon is about to raise
property taxes on their property owners. According to a report in the
News Herald, Loudon City officials have given first approval to a seven
cent tax increase, raising the property tax rate in the city from about
$1.03 to $1.10.
The hefty tax increase comes with the loss of significant property tax revenue from Tate & Lyle and Kimberly-Clark who are both contesting their current property tax assessments. If their appeals are successful, even higher taxes could be in Loudon's future.
In the news article, City Manager Lynn Mills said the department heads have worked hard to keep expenses at a minimum and the new budget of approximately 6.2 million dollars will be essentially the same as this years budget.