The Knoxville Board of Education looks like they’re prepared to vote on a 4.94 percent increase in the 2016 property tax levy next month.Superintendent Steve Wilder presented them with two levy options at their meeting last night; one that reflects only the increase in projected EAV and one with the increase.
A little over 3 percent growth in the Equalized Assessed Value is expected, which should yield increased revenue even without a levy hike.
Board members have directed Wilder to prepare the levy with an increase of 4.61 they will have to give final approval next month.
But Wilder is careful to caution citizens that the levy will in practical terms be closer to 4.94.
“There’s going to be an additional one year increase in the levy that reflects paying off a working cash bond,” Wilder says. “We used the working cash bond to pay for work done at our elementary school. We installed a new HVAC system down there and now all the buildings in the district have air conditioning.”
That one year increase will be 36 cents.
Wilder says outside of this increase that will expire in a year, the rate this year is around 4.61.
In his seven years at Knoxville, Wilder says the levy is typically close to 4.55.
What that means for the average owner of a $100,000 home would be $140, over $70 for the owner of a $50,000 home.
