Hickory Valley Holds Public Hearing on Exceeding Certified Tax Rate
The Town of Hickory Valley Board of Mayor and Aldermen conducted a public hearing on Tuesday, August 8, 2023, at 6 p.m., regarding the city’s intent to exceed the certified (tax neutral) property tax rate.
The town’s tax rate was previously set at .1608, but after the property reappraisal this year, the State of Tennessee set the certified (tax neutral) property rate for Hickory Valley at .1092. Due to the increase in property values through the recent reappraisal process, the tax rate was lowered by the state to keep the town “revenue neutral”. {click here to read more about the reappraisal process}
Since exceeding the certified (tax neutral) property rate is essentially a tax increase, any municipality or county that wishes to exceed the state’s certified tax rate must hold a public hearing before the alderman can vote on the matter.
No citizens were present to speak at Hickory Valley’s public hearing. According to Tennessee law, “The governing body, after public hearing, may adopt a resolution or ordinance levying a tax rate in excess of the certified tax rate.”
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