KNOXVILLE, Tennessee — The Knoxville mayor is asking City Council to adjust the city's tax rate to its lowest rate since 1974.
Mayor Indya Kincannon proposed a 50-cent increase in Knoxville's property tax rate in April 2022. The proposed increase would help generate new revenue to maintain services and support first responders, according to a release from the city of Knoxville.
The Knoxville City Council approved the increase in May.
The current city tax rate is $2.9638 per $100 of assessed value, according to the release. The mayor's administration is proposing a new rate of $2.1556.
The adjustment lowers the net impact of the recent tax increase to 36.5 cents, the release said.
The city said Kincannon anticipated with countywide reappraisals and a new certified tax rate, the final city tax rate would be lower.
"Knoxvillians will be paying taxes at the lowest rate in almost 50 years, while still supporting all the key services they deserve,” Kincannon said in the release.
The mayor's administration will propose the new rate Tuesday night at the City Council meeting.