Last month, Knoxville Mayor Indya Kincannon announced a potential 2022 property tax increase to avoid tapping into reserve funds for the current year. Over the past few years, spending has consistently outpaced revenue in Knoxville, and despite the pandemic, the city avoided an increase on struggling property in 2020 and 2021.
While the announcement gained the attention of taxpayers, this “increase” simply means property tax rates will remain revenue neutral as a result of the 2022 revaluation. For example, if the digest is increased by 20%, technically the decrease to the rate would be 20%. Instead, there would be an “increase” by simply decreasing the rate by only 5 to 10%.
The local tax experts at Ryan will continue to monitor this issue and work with clients to implement a comprehensive range of proactive strategies designed to address future reassessments and tax mitigation strategies. If you would like to learn more about how Ryan can assist you, please contact one of our local offices today.
TECHNICAL INFORMATION CONTACTS:
Brad Wallace
Principal
Ryan
404.942.6346
brad.wallace@ryan.com
Caitlyn Milks
Manager
Ryan
404.942.6380
caitlyn.milks@ryan.com
The material presented in this communication is intended to provide general information only and should solely be seen as broad guidance and not directed to the particular facts or circumstances of any individual who may read this publication. No liability is accepted for acts or omissions taken in reliance upon the content of this piece. Before taking (or not taking) any action, readers should seek professional advice specific to their situation from Ryan, LLC or other tax professionals. For additional information about this topic, please contact us at info@ryan.com.
- Topics
- Brad Wallace
- Property Tax
- Tennessee