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Article published Jun 13, 2008 Maryville Council ups property tax
By Iva Butler of The Daily Times Staff
In a five-minute called meeting Thursday, Maryville City Council voted unanimously on final reading to raise property taxes 25 cents.
Raising taxes from $2.05 to $2.30 per $100 in assessed valuation, a 12 percent increase, will add $62 to the tax bill for a home valued at $100,000.
The tax hike will go to pay on city indebtedness, which will mainly go toward a $25 million bond issue for Maryville City Schools.
The project includes $20 million for a new intermediate school off Sevierville Road, $10 million for Phase I of an expansion of Maryville High School and $5 million for improvements at other schools. Part of the school project funding will come from a $14.1 million city share of county school bonds.
Under the 2008-2009 city budget, schools will get $9.3 million, which is 28 percent of the total appropriation from the general fund budget; public works, $5.3 million, 16 percent; police, $5.3 million, also 16 percent; general government, $4.1 million, 13 percent; inter-fund transfers, $3.8 million, 12 percent; fire services, $3.7 million, 11 percent; library and parks, $1.4 million, 4 percent.
To get the new school open in 2010, the city is projecting increasing taxes another 20 cents next year, said Maryville Finance Manager Kristine Tallent.
Through 2013 the tax forecast is to increase taxes to $2.75, but “in the future we will be doing all we can to mitigate that,” she said. That much of a tax increase would not be necessary if the city collects more taxes, if the economy improves, or if city economic development activities are successful in bringing new companies to the city.
Council also voted on second and final reading to finance the new school projects totaling $35 million.
No citizens were present for the votes.
In conclusion, council approved on final reading annexing and rezoning from County Suburbanizing to Business/Transportation property on South Old Glory Road owned by the Hodge family.