Watch/Listen Closely
While Loudon County, Loudon City and Lenoir City
continue to developed their 2021-2022 budgets, watch closely how each
one addresses the NEW CERTIFIED PROPERTY TAX RATE.
As you already know, this is the year of property reappraisal, which happens every four years. It's also the time when local governments might try to use the confusion of reappraisals to hike property taxes. State law prohibits local governments from collecting additional property taxes on reappraisal. That means when property values go up, tax rates must go down. So, since Loudon County property values have gone up, our property tax rate has come down accordingly. For most of us whether our property taxes actually go up will be determined by the county commission and city councils. The new lower tax rate, as calculated by the state and Property Assessor's office, is called "The New Certified Tax Rate." Local officials can, by a vote, adopt "The New Certified Tax Rate." In contrast they can also adopt a tax rate higher than "The New Certified Tax Rate." If they do that your property taxes will absolutely go up. Loudon County's current property tax rate is $1.80 per $100 of assessed value, now going down to $1.52 +/-. Lenoir City's current property tax rate is $0.99 per $100 assessed value, now going down to $0.89 +/-. Loudon City's current property tax rate is $1.23 per $100 assessed value, now going down to $1.09 +/-. Disclaimer, the new certified tax rates above are preliminary, projected amounts from the state. They could change slightly depending on the number of successful appeals. We should have the final, exact tax rates in a few weeks. The Loudon County budget committee has already recommended the new lower certified property tax rate. A couple of Loudon City officials have stated that they intend to adopt the new lower certified tax rate. Haven't heard anything from any Lenoir City officials as to whether they intend to adopt the new lower certified tax rate or if they plan to hike property taxes. Lenoir City officials, have in the past, used reappraisal to raise property taxes, more than once. If any local government bodies pass a property tax rate higher than the new certified tax rate, that is a property tax increase. Now is the time to let your county commissioners or councilmen/women know if you want a property tax increase. After they raise your property taxes, it'll be too late to complain then. |
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5/24/21