On August 10, Sevier County Commissioners approved a 14 percent increase in property taxes. Twenty commissioners voted for the increase.
For every $100 of assessed value $1.66 will be collected, a $.21 increase from the past two fiscal years. Residential property is assessed at 25 percent of appraisal value and commercial property is assessed at 40 percent.
Every five years there is a mandate to re-assess the value of all property in Sevier County. According to Johnny King, Sevier County Tax Assessor, the next re-assessment is due in 2006. “The tax rate will be lowered back down to generate the same amount of income from the previous year,” he said.
A statement of estimated revenues from current property taxes suggests that the net estimated collection of taxes would reach $34,860,000.
According to King, there is no way to estimate what the value of all property in the county will be after the re-assessment. “Not until the sales data comes in will we know how much it is,” said King.
The tax increase was recommended to help fund an approximate $16 million increase in school, highway department, and general fund expenditures compared to last year. The total budget comes to about $136 million.
The increase on property taxes will be divided between five separate departments. A general fund will receive $.50; special purpose fund, $.02; highway/public works, $.19; general purpose schools, $.79; and general debt service, $.16. Each cent of the tax levy represents about $210,000 in revenue.
“Our commissioners have decided that we need that additional money to help the county,” said King. “As your friendly tax assessor I don’t like to see people have to pay more, but with the county growing so much, I can understand why they increased the taxes,” said King.
The County Commission also approved the rescheduling of a Tennessee Department of Transportation project intended to reconstruct the southern section of Highway 66 from Walker Street to Boyd’s Creek Highway. Commissioner Tommy McGaha made an amendment to include work on Highway 411 as well. The northern end is scheduled first and then workers will move towards the southern end closer to downtown Sevierville.

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