Red Bank Considering New Budget, Possible Tax Increase
Red Bank city hall
RED BANK, Tenn. (WDEF)- The Red Bank Commission is considering a new budget for the 2024 Fiscal Year that could result in a property tax increase.
The new budget is calling for an increase to one dollar and 59 cents per 100 dollars on property taxes.
The current rate is one dollar and ten cents, one of the lowest in Hamilton County.
This would generate nearly two million more dollars for the city of Red Bank, who notes that inflation has caused pressure on their general funds.
Signs have been placed around Red Bank by opposition to the increase.
One citizen who owns several Red Bank properties but wanted to remain anonymous told News 12 that while they disagree with the potential increase, they understand why it would happen.
The commission is holding a public forum during their scheduled meeting Tuesday evening at 6.
