The proposed property tax increase for Rutherford County is the greatest percentage increase since 1994. I believe that, viewed dispassionately, the information outlined below can ease some of Rutherford County citizens’ concerns.
One cent generates $1,550,146 in county taxes. This number will likely increase as more property is picked up and valued by our office.
A 26 cent tax increase generates $40,303,802 additional tax dollars. Losing our AAA bond rating to a AA+ bond rating would cost the county approximately $6 million, according to statements made during last week’s budget meeting. That is roughly 3.87 cents on the property tax rate.
Homes with the following values will pay the following additional taxes annually and monthly for mortgage escrow:
$250,000 pays $162.50/ year $13.54/ month
$300,000 pays $195.00/ year $16.25/ month
$350,000 pays $227.50/ year $18.95/ month
$400,000 pays $260.00/ year $21.66/ month
$500,000 pays $325.00/ year $27.08/ month
If you have questions about any of the information outlined above, please contact Rob Mitchell using our contact form.
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