News Summary
Hamilton County has set its new certified property tax rate at $1.51 per $100 of assessed value, marking the lowest rate since 1941. This reduction comes amid rising property values, meaning two-thirds of residents will see stable or lowered taxes. Mayor Weston Wamp cautioned that local municipalities could adjust their tax rates independently, potentially affecting homeowners. The new tax rate will take effect this fall, pending approval from the Hamilton County Commission. This decision reflects careful management of public finances during challenging economic times.
Hamilton County Announces Historic Property Tax Rate Drop to $1.51 Amid Rising Property Values
Hamilton County has announced a significant reduction in its certified property tax rate, setting it at $1.51 per $100 of assessed value. This new rate marks the lowest level the county has seen since 1941 and represents a notable drop from last year’s rate of $2.23.
As the county experiences rising property values, Assessor of Property Marty Haynes has confirmed that approximately two-thirds of Hamilton County residents will either pay the same or lower property taxes compared to last year. This is particularly significant given that homeowners in the area have recently seen property value increases ranging from 40% to 60%.
Despite the decreases in the tax rate, Mayor Weston Wamp has cautioned residents against premature celebration, stating that individual municipalities retain the authority to raise their own property tax rates. Therefore, while county-level taxes may be decreasing, residents should anticipate potential changes within their local jurisdictions.
The new certified tax rate will take effect on property tax bills that are scheduled to be issued this fall. Homeowners can expect to see this adjusted rate following the assessment process that evaluates property values. Under Tennessee state law, property tax rates must be lowered when property values increase as a result of reassessment. As a result, many homeowners are expected to experience little to no changes in their tax bills—with some potentially seeing a decrease.
For instance, if a property’s assessed value has increased by 57%, the owner’s tax bill will likely remain unchanged due to the reassessment process and the subsequent adjustments made in the tax rate. This mechanism is designed to protect homeowners from steep increases that would otherwise occur in tandem with rising property values.
The Hamilton County Commission is set to convene later this month to vote on this new tax rate, with potential voting dates on June 18 or June 25. If the rate receives approval, it is projected to drop from $1.55 to about $1.07 per $100 of assessed value once officially certified in July.
Mayor Wamp emphasized that the reduced tax rate reflects careful management of public funds and a responsible approach to budgetary resources during a financially challenging time, particularly in light of the widespread inquiries from local government leaders regarding tax implications following the recent property reassessment.
It is important to note that while the county government plans to adhere to the certified tax rate, local municipalities will have the final say in their individual tax rates, which may differ from the county’s. As the fall approaches and the new property tax bills are issued, homeowners across Hamilton County will be closely watching for how local municipal decisions may impact their overall property tax obligations.
This proactive approach to property tax management is reflective of Hamilton County’s commitment to providing fiscal transparency and maintaining affordability for its residents, even in the midst of a rapidly changing real estate landscape.
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Additional Resources
- Times Free Press: Hamilton County Municipalities Set Property Tax
- Local 3 News: Hamilton County Proposes Lowest Certified Tax Rate Since 1941
- News Channel 9: Hamilton County’s New Property Tax Rate Is the Lowest Since 1941
- Cincinnati.com: Hamilton County Officials Vote to Approve Stadium Lease Terms
- FOX19: Stadium Lease Between Bengals & County Enters Its Final Week
- Wikipedia: Property Tax
- Google Search: Hamilton County Property Tax
- Google Scholar: Hamilton County Property Taxes
- Encyclopedia Britannica: Property Tax
- Google News: Hamilton County Property Tax Rate
