On April 22, 2022, Mayor Indya Kincannon proposed a 50-cent increase in Knoxville’s property tax rate to generate new revenue needed to maintain core services and support first responders.
At that time, the Mayor anticipated, with countywide reappraisals and a new forthcoming certified tax rate, that the final City tax rate would actually roll back and be the lowest since 1974.
That’s exactly what is happening.
Tuesday night, the Mayor’s administration is asking City Council to adjust the City’s tax rate from $2.9638 per $100 assessed valuation to the new rate of $2.1556, which is in fact the lowest rate since 1974. The adjustment lowers the net impact of the recent tax increase to 36.5 cents.
“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.”
Below is a chart showing annual City tax rates for the past three decades.