JACKSBORO, TN., (WLAF)- While property values are on the rise in Campbell County this year, county officials have the opportunity to stabilize the tax burden on its constituents. However, following Tuesday night’s budget and finance committee meeting it appears the tax obligation of property owners could be on the rise.
After the 2019 reappraisal and the board of equalization’s findings a new Certified Tax Rate (CTR) must be set and adopted by the county. This year the CTR for the county is $2.07, 18 cents below 2018’s CTR of $2.25. While the CTR has decreased, it is because the values of properties in the county increased overall, according to Brandon Partin, county property assessor.
The CTR is a means for a county or municipalities to garner the same amount of property tax revenue as the preceding year despite any values increasing making the process revenue neutral. In 2019, that can be accomplished by the county adopting the $2.07. Yet, the budget and finance committee is recommending to the full commission the CTR remain at last year’s $2.25. The additional 18 cents will be distributed to a number of county programs, according to information distributed at Tuesday’s meeting.
The county’s general capital funds project will see the largest share of the proposed increase. It will go from receiving .0884 cents in 2018 to .2613 cents in the coming year. The general debt service fund will see a bump from .1440 to .1680 and the highway/public works department will go from .0516 to .0517. The county general fund, solid waste/ sanitation, industrial/ economic development board and general purpose school fund will all see slight decreases.
The law allows the county commission to exceed the CTR established by the board of equalization. This translates into a property tax increase. Essentially, a tax increase this year would not come from the reappraisal but from a vote by the county commission.
The county board of equalization doesn’t adjourn until Friday but Partin doesn’t anticipate any fluctuation in the CTR. “We have had less than 20 people appear before the board,” he said.
A notice of the intent to raise the rate would have to be published in the newspaper with the county mayor producing proof to the state board of equalization that the notice had been run within 30 days of the publication. After that, a public hearing would be held on the rate. Following the hearing the commission could levy a tax rate that exceeds the CTR, according to state law.
Currently, the proposed increase to the CTR is scheduled for July 15 at 5:30 at the courthouse. (WLAF NEWS PUBLISHED 6/19/19 5:30 PM)