Cumberland County's property tax revenue has grown 1.62% over the previous fiscal year's budget.

The 1.62 percent increase in property assessments reflects an increase of $369,611 in total property tax revenue over the previous fiscal year budget.

Total property assessed valuation in Cumberland County subject to property taxes in the county is now $1,579,399,025.

Cumberland County Finance Director Nathan Brock shared the news with county commissioners during Monday night's budget committee meeting.

The information comes from Cumberland County Property Tax Assessor David Simcox.

A gross tax penny will now be worth $157,939, as per the property assessor's records.

A net tax penny, which is what the county uses for budgeting purposes, assumes a delinquency rate on property taxes of 6% and calculates to $148,463.

The budget committee also agreed to change the delinquency rate to 5%, which will adjust the revenue figures slightly more.

Brock said it's up to the county commission to set the property tax rate and distribution, which is set yearly by the county commission.

Broken down from a rate of $1.5653, Brock said, “assuming the same property tax rate and tax penny distribution remain” as last fiscal year's budget, the general fund would receive 0.6121 cents and would reflect a net estimated annual collection of $9,087,399. The sanitation department would receive 0.1207 cents and would reflect and would reflect a net estimated annual collection of $1,791,944. The General Purpose School Fund would receive 0.6159 cents and would reflect a net estimated annual collection of $9,056,222. The debt service fund would receive 0.2225 cents and would reflect a net estimated annual collection of $3,303,294.

Brock reported increases from each area of the tax penny distribution are forecasted at:

General Fund — $144,534

Sanitation — $28,500

Schools — $144,038

Debt service — $52,538

Total increase — $369,611

Total estimated revenue from property tax collections for fiscal year 2019-’20 would be $23,238,860. Last fiscal year's revenue was figured at $22,869,249.

The budget committee and Cumberland County Commission have not yet adopted a tax rate for fiscal year 2019-’20, nor have they passed a fiscal year budget for 2019-’20.

The committee continues to work on the 2019-’20 fiscal year budget.

Gary Nelson may be reached at gnelson@crossville-chronicle.com

Crossville Chronicle senior staff writer