As officials prepare to vote on next year’s budgets, some Hamilton County municipalities are dipping into reserves or considering a property tax rate increase to make ends meet, while others are using surplus revenue from previous years.
The city of Soddy-Daisy is proposing a tax rate increase of about 33 cents, a 30% increase over the current rate of $1.12 per $100 of assessed value, which is 25% of appraised value. For a $350,000 home, that would increase annual city taxes from $976 to $1,269.
Over the past 17 years the city has increased its property tax rate three times, according to a document handed out Thursday to commission meeting attendees.
(READ MORE: Soddy-Daisy not raising tax)
The additional property tax revenue would cover the recurring annual cost of $712,000 to add new positions to city staff: a human resources professional, a codes enforcement officer, three firefighters, two public works employees and a police department employee to serve as a dispatcher and records and evidence custodian.
