New Property Tax Rate Set for La Vergne at Special Meeting
The board of mayor and alderman voted to approve the new 2018-19 Fiscal Year Budget and 2018 Tax Rate at a special meeting on June 28. The board voted to approve the ordinance by a vote of 3-0, making the new tax rate $0.71 per $100 assessed value.
The recommended certified tax rate for La Vergne was calculated at $0.7585 per $100 of assessed value. The new rate was calculated by Rutherford County Tax Assessor Rob Mitchell’s office and would keep overall city revenues the same as the last fiscal year after recent increases from reappraisals. The 2017 property tax rate was $0.95.
At the June regular meeting, the board voted to approve Ordinance #2018-13 to adopt the annual budget as well as the tax rate for the fiscal year beginning July 1, 2018 through June 30, 2019. As part of that ordinance, the proposed tax rate was rounded down from $0.7585 to $0.75. At the special meeting, Mayor Waldron made a motion to lower the tax rate to $0.71, saying “the lowered rate will ensure most folks in the city will not see a higher property tax bill later this year. The ones who were hit by the highest property assessment change were mostly rental properties.”
“When we set the revenue neutral tax rate it’s based off of the median value in the city and the median increase,” according to Mitchell. “Your home could go up 25-30% and you could still see a decrease in your taxes.”
Mitchell’s office performs a state mandated reappraisal every four years in order to bring property values to current market values. Valuations were mailed out to homes in April. Market Value is determined by calculations based on sales data from real estate transactions as well as other factors in each neighborhood.
Within the county, Murfreesboro’s certified rate is $0.9494, Smyrna’s certified rate is $0.7007, and Eagleville’s certified rate is $0.5570. The Rutherford County certified rate is $2.0994.
Courtesy property tax bills will be sent out to residents the first week of October. Payments are due without penalty by February 28, 2019. Bills can be paid in person at the City Hall Tax Department, placed in the drop box, or through the mail.
