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Roane reappraisals show 3.47 percent assessment drop; OR tax rate calculated at $2.52

Posted at 12:15 pm July 16, 2015
By John Huotari Leave a Comment

Jason Mumpower

Jason Mumpower

Note: This story was last updated at 5 p.m.

Roane County properties showed an overall 3.47 percent drop in assessed values in the five-year reappraisal process taken over by state officials this year, and the tax-neutral property tax rate in the City of Oak Ridge has been calculated at $2.52, the Tennessee Comptroller’s Office announced Thursday.

The tax-neutral rate is up from the current $2.39 per $100 of assessed value, a 13-cent increase.

Separately, the Oak Ridge City Council has been asked to consider a tax rate increase of up to eight cents, with a one-cent increase requested by the municipal staff and a seven-cent increase requested by the Oak Ridge Board of Education. The one-cent increase would help maintain city services and allow for a 2 percent pay raise for city employees, and the seven-cent increase would help cover a deficit and add money for salaries and staff, including a 3 percent pay raise.

Any tax increase, if approved by city officials, would be in addition to the tax-neutral rate calculated by the state. Each additional cent on the property tax rate generates about another $90,000 in revenue. A one-cent increase would cost the owner of a $145,000 house another $3.63 per year. An eight-cent increase could cost that homeowner another $29 per year. [Read more…]

Filed Under: Front Page News, Government, Meetings and Events, Oak Ridge, Roane County, State, Top Stories Tagged With: Anderson County, Anderson County Commission, Anderson County Schools, assessed value, budget, City of Oak Ridge, Division of Property Assessments, Jason Mumpower, Mark Watson, Oak Ridge Board of Education, Oak Ridge City Council, pay raise, property tax rate, reappraisal, Roane County, Roane County Commission, Roane County property assessor, Roane County reappraisals, State Board of Equalization, tax rate, Tennessee Comptroller's Office

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