City stands firm on no new taxes
For the third year in a row, the property tax rate in Tullahoma will remain static.
According to the draft budget passed on its first reading Monday night, the city of Tullahoma property tax rate will remain at $2.4305 per $100 of assessed value on all real and personal property.
The rate was first accepted into the FY18 budget, when the city accepted the certified tax rate sent down from the state.
According to City Administrator Jennifer Moody, Tullahoma has not raised its property tax rate but two times in the last 20 years, with the last time occurring in 2013 after a reappraisal.
“At that time all the increase was dedicated to school debt and capital improvements for schools,” Moody said.
She added that she would continue to try to reduce the property tax burden for Tullahoma.
This rate is effective for all Tullahoma homeowners in both Franklin and Coffee counties.
Homeowners in Tennessee are taxed on 25% of their home’s appraised value.
The owner of a $100,000 home in Tullahoma would pay $607.63 in city property taxes. This rate does not include the county tax rate.
Per state law, the city budget is required to pass three readings. The next two readings of the city budget will take place at the next two regular meetings of the Tullahoma Board of Mayor and Aldermen on June 8 and 22.
The mayor’s annual budget message will be read at the third and final reading June 22.
To view the first draft budget in full, visit our website, www.tullahomanews.com.
Erin McCullough may be reached at firstname.lastname@example.org.