Overton County property taxpayers can breathe a sigh of relief after receiving sticker shock from a recent state reappraisal in where most residents would have seen a large increase in their property taxes.
County Commissioners met last night and set the budget and appropriating resolution for various funds for the new fiscal year with a tax rate of $1.9706 per $100 of assessed value. That rate has been decreased from the 2019 rate of $2.25 per $100 of assessed value.
“This is a rare time that we get to lower the taxes for the people of Overton County,” Danner said.
The tax rate breaks down like this: General Fund $1.2256; Solid Waste/Sanitation $.0850; Highway/Public Works $.0850; General Purpose School $.4800; and General Debt Service $.0950. For the 2020-2021 fiscal year, a gross penny will bring in $42,933.73 in revenue, with a basis of $429,337,323 assessed value of property. The net penny revenue is estimated at $38,640.36. Approximately $2 million of the almost $8.5 million budget is allocated to the school system.
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