This past Spring property in Blount County was reassessed and property market appraisal values went up.

In Tennessee, the property tax rate cannot generate more revenue than the previous year, unless a public hearing is advertised and held.

The City of Alcoa has elected to not generate more revenue than last year. Therefore, the adjusted prooerty tax rate for Alcoa will be $1.41. That’s 28 cents lower than last year’s rate of $1.69, although whether homeowners will feel any reduction in property taxes depends on how much their property assessments increased. Theoretically, for the majority of residential property owners the property tax should be the same as last year, but it can depend on whether yor property assessment went up and how much.

Calculating a property tax bill is a simple process in Tennessee. A tax rate is the dollar amount owed per $100 of assessed value, and the assessed value is a fraction of the estimated market (appraised) value.
For example:
Total Market Appraisal = $351,000
Assessment value = 25% of Total Market Appraisal = $87,750
$87,750 ÷ 100 = 877.50 x $1.41 = $1,237.28