The Knoxville School Board last night approved a property tax hike of 4.98 percent for District 202 residents.
Superintendent Steve Wilder says the increase will generate just over $200,000 in revenue.
The tax hike, which sits below the 4.99 percent maximum that can be increased to avoid a Truth in Taxation hearing, brings the city’s estimated tax rate to $4.61, up from the previous year’s rate of $4.56.
For the owner of a $100,000 home in the district, that spells $1,521 in property taxes. Wilder says the cost will be about $19 more than the previous year’s.
Wilder tells WGIL the impact will be a little more substantial for agrarian residents.
“Although that puts it in perspective for a homeowner, there’s a lot of farm in our school district,” Wilder says. “So, one of the things we discussed last night was the reality that, although that seems pretty small in comparison from last year to his year for a homeowner, but for the owner of a farm, especially a sizable farm, it’s going to be a bigger total dollar amount. So, we’re aware of that, it’s something that we take into consideration when we make those decisions.
Last night’s levy approval will be subject to final approval in December.
Wilder adds that the school board is also planning to sell working cash bonds in the spring to fund the installation of air conditioning at Mable Woolsey Elementary School. The working bonds would not affect property owners until next year.