Magistrates of the Knox County Fiscal Court voted to save county residents money and not raise their tax rate.
During the August meeting, the court heard from Knox County Property Valuation Administrator Bill Oxendine on the assessed property value of the county.
“We’ve grown in places and we’ve lost in places,” said Oxendine. “In real property (residential, farm, and commercial), we actually had a growth of 12 million dollars (in assessment), but we turn around and oil and gas is cut down, coal is cut down, so we losing 9.34 million dollars (in assessment) just in those two. We still ended up though with a net growth of around 2.9 million dollars (in assessment).”
Oxendine also informed the court of several items that would benefit the 2018 tax growth, including a new dollar store, the new Tractor Supply, and the Yellow Rock apartment complex.
“I’ve done this for 15 straight years now and your rate hasn’t changed in that period of time,” said Oxendine. “The only thing that is keeping you from drowning you so deep in the water that no rope or life support of any kind can get to you is the fact that the county continues to grow just a little bit every year as assessment goes. Because you’re nowhere near getting the money that you need to be getting. But now, that’s your prerogative, you have to determine that. As far as how much money you get, I think you get somewhere around $850,000 or $860,000 a year, if you take the compensating rate, you could get a little bit over a million.”
The additional funds were not enough to persuade magistrates to take the compensating rate and raise taxes. District 2 Magistrate Stacey Roark made the motion to keep the tax rate the same as previous years. The court unanimously approved to keep the rates as they were.