Smyrna adopted a property tax rate Monday night that amounts to a 6.2% increase in homeowners’ property taxes.
The rate of $8.99 per $1,000 of assessed value is about $0.50 higher than last year. The higher rate mixed with a rise in home values will effectively mean a 6.2% hike above the roll back rate of $8.47, which would’ve kept residents’ tax bills the same.
City Council approved the rate unanimously. Mayor Derek Norton was absent.
No residents spoke during the final public hearing just before the vote.
Smyrna expects to collect a shade over $32 million in property taxes this fiscal year, according to the city’s budget. That’s about $1.6 million, or 5.3%, more than last year’s collections.
According to city estimates, the increased cost for the average owner of a homesteaded residence valued at $350,000 is $67.86. For a non-homesteaded property valued at $525,000, the estimated increase is $109.62.
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