Crossville Chronicle, Crossville, TN

Glade Sun

June 26, 2013

Net property tax penny worth $132,953

CROSSVILLE — A net tax penny in Cumberland County will bring in $132,953 for fiscal year 2013-'14, according to county officials.

Nathan Brock, Cumberland County finance director, presented the tax penny/tax rate calculations projection to the county's budget committee during its meeting Thursday night.

"These are the calculations at this point," Brock said.

According to the calculations per the Cumberland County Property Assessor David Simcox's records, total property assessments in the county are $1,414,392,797.

The figure is according to records as of June 10, 2013.

Brock reported that a gross tax penny would be worth $141,439. However, the county assumes a six-percent delinquency rate, which means the net tax penny comes in at $132,953 for fiscal year 2013-'14.

Brock reported that if the tax rate remained the same for fiscal year 2013-'14, then the property tax would generate $19,909,661.

That means there is an increase of revenue for fiscal year 2013-'14 of $297,583.

If the tax pennies remained $1.4975 and is distributed the same way they are for fiscal year 2012-'13, then the property tax revenue would be divided as follows:

General Fund, 58 cents = $7,711,254, an increase of $11,384

Sanitation Fund, 13.25 cents = $1,761,623, an increase of $25,446

General Purpose School Fund, 59 cents = $7,844,207, an increase of $123,000; and

Debt Service, 19 cents = $2,592,577, an increase of $37,448.

"Of course the county commission has the option of changing how it is divided or what the tax rate will be, but this is purely based on what it would be if the distribution remained the same as it is now," Brock said.

The budget committee will not be able to recommend a tax rate or distribution to the full county commission until after it reviews all of the remaining county departmental requests, including the Board of Education's 2013-'14 fiscal year budget.

The BOE has not yet approved its budget for the 2013-'14 fiscal year.

1
Text Only
Glade Sun
Marketplace Marquee
Parade
Must Read
Section Teases
Seasonal Content
AP Video
Raw: Deadly Bombing in Egypt Raw: What's Inside a Commercial Jet Wheel Well Raw: Obama Arrives in Japan for State Visit Raw: Anti-Obama Activists Fight Manila Police Motels Near Disney Fighting Homeless Problem Michigan Man Sees Thanks to 'bionic Eye' Obama to Oso: We'll Be Here As Long As It Takes Bon Jovi Helps Open Low-income Housing in Philly Pipeline Opponents Protest on National Mall Hagel Gets Preview of New High-tech Projects S.C. Man Apologizes for Naked Walk in Wal-Mart New Country Music Hall of Fame Inductees Named 'Piles' of Bodies in South Sudan Slaughter SCOTUS Hears Tv-over-Internet Case Chief Mate: Crew Told to Escape After Passengers Iowa College Finds Beauty in Bulldogs
Hyperlocal Search
Premier Guide
Find a business

Walking Fingers
Maps, Menus, Store hours, Coupons, and more...
Premier Guide
Weather Radar
2014 Readers' Choice