KNOXVILLE, Tenn. (WVLT) – Knoxville Mayor Indya Kincannon has asked the City Council to drop the tax rate, which, if passed, would be the lowest in nearly 50 years.
This comes after, in April, Mayor Kincannon proposed a 50-cent increase in Knoxville’s property tax, with the goal for it to generate additional revenue to maintain core services and support first responders, a city of Knoxville spokesperson said.
On Monday, Mayor Kincannon asked the City Council to adjust the current tax rate from $2.9638 per $100 addressed valuation to a new rate of $2.1556, the lowest since 1974.
The adjustment will lower the net impact of the recent tax increase to 36.5 cents, according to a release.
“I am pleased that this rate is right in line with what we predicted back in April,” Mayor Kincannon said. “Knoxvillians will be paying taxes at the lowest rate in almost 50 years, while still supporting all the key services they deserve.”
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