Commission approves 2024-25 budgets, tax rates

Bedford County Board of Commissioners passed budgets and tax rates for the 2024-25 fiscal year Thursday, June 27; there was no increase in the county property tax rate, which will hold steady at $2.3252 per $100 assessed value. The county's fiscal year runs from July 1 through June 30.

Even without a tax increase, the county was able to fund step raises and cost-of-living increases for county employees. Several offices will get new positions to keep up with increasing workloads as the county continues to grow.

The school budget includes the new Cartwright Elementary School which will begin classes this fall. Because of new school construction, the use of portable classrooms – considered a security risk, and a safety risk in inclement weather – has been eliminated.

The county budget includes $175.9 million in total appropriations, broken down as follows:

General Purpose Schools: $93.7 million

General Fund: $43.2 million

General Debt Service: $13.4 million

County Capital Projects: $9 million

Child Nutrition (Schools): $7 million

Highway/Public Works: $5.2 million

Education Capital Projects: $3.7 million

School Age Care: $0.7 million

 

The $2.3252 tax rate breaks down as follows. Each rate is per $100 assessed value:

General Fund: $1.43

General Purpose Schools: 62 cents 

General Debt Service: 15 cents 

Highway: 9 cents 

County Capital Projects: $0.0352

 

Each penny on the property tax rate is projected to bring in $130,000 after adjusting for delinquency.

A property’s assessed value is 25 percent of its appraised value for residential or agricultural property, 40 percent of appraised value for commercial property. Although the property tax rate is basically unchanged, any individual property tax owner’s bill may change if the assessed value of the property changes for some reason. The county commission, which sets the property tax rate, by law cannot interfere with the appraisal process.

To find out more about tax relief programs for low-income senior citizens, disabled homeowners, or permanently disabled veterans, contact the county trustee’s office, 931-684-4303 or tonya.davis@bedfordcountytn.gov.

 

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