News & Insights

Knoxville, Tennessee May Implement Property Tax Increases

Tax Development Mar 11, 2022

Knoxville, Tennessee May Implement Property Tax Increases

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.


Brad Wallace

Caitlyn Milks

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