Red Bank property tax hike likely

RED BANK, Tenn. (WDEF)- Red Bank property owners may soon see a property tax increase.

This is in response to the soon to be certified tax rate across Hamilton County.

Red Bank city manager Martin Granum says the average property in Red Bank saw its value rise by nearly 60 percent.

However, both the city and the county are not allowed to keep their previous tax rate, and the county will have to reset its rate lower to offset the rise in property values.

However, after the county sends their rate, each city can choose to go above that, which Red Bank says they plan to do.

“The governing body does intend to exceed the certified tax rate in order to capture the projected increase in revenues from property taxes. So that is a very wonky and indirect way of saying we’re baked into this a property tax increase, and in the work session, the magnitude of that is five percent,” said Granum.

The Red Bank city council has passed this on an interim basis, until the Hamilton County Commission approves a county wide certified tax rate.