News Talk 94.1/AM 1600 Where The Upper Cumberland Talks
Putnam County’s penny rate has increased and will help generate more than $1.2 million in additional tax revenue next fiscal year.
That according to figures provided by Putnam County Assessor of Property Steve Pierce.
Pierce said each penny of the county’s property tax rate should generate $162,300. If the county keeps the property tax rate at $2.73, total tax revenue for the upcoming fiscal year will be an estimated $44,261,490.
Pierce credits a lot of growth for the increase.
“We have had a lot of building going on and everybody sees that,” Pierce said. “We find new construction by tracking building permits and all the cities in the county have building permits now.”
For the current fiscal year, each penny of the property tax generates $157,500 to help bring in $42,997,500 in total property tax revenue.
Pierce said the projected penny rate would generate an additional $421,330 for the school system, $391,235 for the county general fund, and $280,115 for the county’s debt service fund.
