With a 6 cent property tax increase proposed to fund school construction, the Cumberland County Commission budget committee has a special called meeting and two public hearings set for Monday July 31 starting at 5 PM.
Because this is a reappraisal year a second public hearing by the full county commission is set for 5:30 PM to give the public a chance to comment on the plan to exceed the certified tax rate from the reappraisal. Real property values in the county have increased by some $40 million from 5 years ago and personal property is up by some $4 million. The way the reappraisal works is these increases are offset by a reduction in the tax rate to provide the same revenue to the county.
The certified tax rate is set at $1.5053 by the Tennessee Comptrollers office and the county is proposing a tax rate of $1.5653. The tax rate for last year was $1.5275
The county property tax rate is divided up as follows:
$0.5962 for the general fund,
$0.6159 for the general school fund,
$0.1207 for the solid waste/sanitation fund, and
$0.2325 for the debt service fund
In addition, the county commission has a resolution before it to authorize the issuance of debt not to exceed $12,350,000
The County Commission will convene in special session at 6 PM Monday July 31 to consider those resolutions along with full 2017-18 county budget and the appropriations for non-profit charitable organizations.