9 Cent Tax Hike 3
At last Monday's Loudon City council meeting, council
voted unanimously, on the second and final reading, for a 9 cent
property tax increase, for operating costs. The increase should generate
approximately $330,000.00 more in revenue for the city. No showed up at
the meeting to complain.
Loudon officials have granted several Payment In Lieu of Tax's (PILOTS), or big tax breaks to certain businesses locating in the city. The property taxes they gave away to these industries could have more than covered the need instead of approving a property tax increase. But for some reason they just can't seem to do the math. When local officials give away property taxes to multimillion dollar cooperation's, somebody has to make up the loss. Guess who? With the county passing a 25 cent property tax increase to build more school capacity, due to both Lenoir City and Loudon's uncontrolled residential growth, Loudon property owners are looking at a double whammy of a 34 cent property tax increase all together. Residential growth and tax give aways have consequences. |
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7/1/24