Property tax rate decreases for Weakley County taxpayers

Property tax rate decreases for Weakley County taxpayers
To fix the county tax levy, this past Monday night at the July monthly meeting, the Weakley County Commission voted to set the combined property tax rate at $2.06 on each $100 of taxable property. Passed as Resolution 2009-02 and broken down into its components, revenue is provided in the rate amounts of $.58 to the county general fund, $.16 to the highway fund, $.75 to the general purpose school fund, $.02 to the capital projects fund and $.55 to the debt service fund for the $2.06 total. Weakley County Assessor of Property David Tuck explained that the process is based on the certified tax rate law. “The county is required to do a reappraisal for property tax value every four, five or six years,” he explained. “This county operates on a six-year cycle. This time, we were about 18,000 up and 1,300 down. The county can make no new money for reappraisal.” The law requires that land and buildings be revalued for property tax purposes at least every six years because actual property values change at different rates in different parts of the county. Local governments typically conduct public hearings before adopting a property tax rate that generates more taxes overall in a reappraisal year than were billed the year before at the previous year’s lower values. If the new tax rate following the revaluation doesn’t exceed the certified rate the average bill may stay the same, if the rate increased as a result of the revaluation more than the average, the tax bill could be higher and if the tax value increased less than the average, the tax bill may be lower. After the assessor certifies the total assessed value, additions and deletions are removed from consideration and the tax rate is then adjusted to a level that will provide the same amount of revenues as the previous year. “In this case, the property tax lowered through the rate,” Tuck said. “They voted to set the rate at the meeting so there was no need of a public hearing.” WCP 7.31.08

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