Crossville Chronicle, Crossville, TN

Area News

June 20, 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.

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