Knoxville to seek more tax revenue

The Knoxville City Council is planning to hold a Truth in Taxation hearing to account for a planned extension to the city’s tax levy request.

City Attorney Rob McCoy gave the council his recommendation yesterday to request just over $364,000 in taxes from the county.

That number is roughly 109 percent greater than the $332,000 that was received in taxes last year. Because the difference is greater than 105 percent, a Truth in Taxation hearing is required before the council can move forward.

That hearing is set for next month ahead of the December 21st council meeting.
McCoy told the council not to expect the full amount being requested.

“Assuming no change in the EAV, we’d probably only receive about $362,206 of the $364,000,” McCoy said. “So, $2,000 shortfall just because of some of the ceilings we’re pushing up against.”

The dollar amounts discussed exclude the city’s TIF receipts for local businesses and buildings.
City Clerk Charlie Gruner said further public notice will be made to as the next month’s meetings approach.

Last December, the tax levy extension request sat just under 105 percent, however, councilmen chose to hold a public hearing anyway to give the public a chance to participate in the process.

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