News Talk 94.1/AM 1600 Where The Upper Cumberland Talks
Putnam County could see a penny value increase of almost $4,000.
Budget Committee Chairman Ben Rodgers said the penny value can affect how much the county taxes.
“So the penny value increase of almost four thousand dollars is a result of the growth of people building and improving property with housing or new businesses coming in that are establishing a business in the county,” Rodgers said. “They are going to be paying personal property tax on their equipment.”
The penny value will establish how much revenue the county can expect from property taxes in the coming fiscal year.
“So if the penny value gets higher or grows the chances of reducing the penny rate, the tax rate will go down because the penny value is growing and the assessments are going up,” Rodgers said. “The Assessor’s Office is doing a good job capturing all these improvements to the land and all these businesses with personal property.”
The preliminary penny value comes to $166,115. Additional June property appraisals may affect the penny value in the final 2019-2020 budget.
