The Hamilton County Commission approved a lower certified tax rate on Wednesday, but some taxpayers will still see an increase due to property values.
Last week, the Hamilton County property assessor released new lowered certified tax rates approved by the Tennessee Board of Equalization for the county and its municipalities.
On Wednesday, the Hamilton County Commission approved the new countywide certified property tax rate, which went from 2.77 to 2.24, to offset property value.
But the impact of the tax rate will vary based on an individual’s property value. During this year’s countywide property assessment, which happens every four years, property values went up by an average of about 25% since the last reappraisal in 2017.
“To make it real simple for the public if your property was appraised at $100,000 at the 2.76 [rate] and now if your property is appraised at $125,000 and it’s a lower rate, your taxes will be the same,” Trustee Bill Hullander explained during Wednesday’s meeting.