|Loudon County commission adopted their budget Monday for the
2016-2017 fiscal year. The nearly sixty million dollar budget passed
with a few changes through amendments offered by several commissioners.
The property tax rate will remain the same for the next year.
Lenoir City residents will see a two cent increase in their county tax rate. That increase stems from the movement of two pennies from the county school debt fund to the county general fund. Lenoir City residents do not pay property tax on county school debt service. Even with the two cent tax increase, Lenoir City property owners county tax rate is still thirty cents less than county property owners. The two penny increase would equal an additional $5 for a home valued at $100,000.00.
The new county budget included a 2% across the board raise for all employees except commissioners. That increase equals about $157,000.00 in additional expense to the county. The county will also lose about $200,000.00 from the reduction in the Hall Income Tax. The county share of health insurance increased by about $300,000.00 this year also.
The budget will also require more than a million dollars from the county reserve.