Knoxville Mayor Bill Haslam had an op-ed piece in a Memphis newspaper recently that includes the claim that his administration has been successful in “bringing the property tax rate (in Knoxville) to the lowest levels in more than 40 years.”
Huh? During Haslam’s first year in office the property tax rate was raised by 35 cents. How can that be?
Property tax reappraisals resulted in the rate being reduced. A city cannot benefit from appreciating property values. So you may be paying higher taxes due to property appreciating, but the rate of taxation has been lowered.
We’re sure Haslam’s opponents will explain the ins and outs and qualifiers of the property tax rate in 30-second commercials during the primary season.