SEVIERVILLE â Earlier this summer the Board of Mayor and Aldermen approved the budget with a preliminary property tax rate of 42.54 cents per $100 of assessed value, which the board decided to maintain during its regular meeting Monday night, despite the state certified property tax rate following the reappraisal cycle coming in slightly higher.
The state certified property tax rate was calculated at 42.59 cents per $100 of assessed value during this yearâs reappraisal â a figure determined to maintain the current tax revenue for the city.
By opting to keep the lower rate of 42.54 cents, the board was essential approving a small reduction in property taxes, equal to about $5,000 in reduced revenue for the city, according to reports from the staff.