Mon
Feb 26 2018
10:45:am

According to an article in the Feb. 14, 2018, Daily Times, the City of Alcoa will be considering a property tax increase.

Alcoa commissioners authorized the issuance of up to $10 million in bonds Tuesday [Feb. 13, 2018]. Almost half of that amount, some $4.8 million, already has been earmarked for a new fire truck, membranes at the water treatment plant and a new heating ventilation and air conditioning system at the city’s public safety building.

Alcoa City Manager Mark "Johnson said in October that the expansion of Alcoa Intermediate School “will take a property tax increase” as “there’s no other source of money.

An August 2012 increase in the local sales tax was earmarked to build the new Alcoa High School, Johnson explained, and would not go toward any renovations to Alcoa Intermediate. If a 1-cent increase yields $50,000 in additional revenue, Johnson explained, Alcoa probably would be looking at a property tax increase of 10 [$500,000] to 20 cents [$1,000,000].

No decisions were made about a property tax increase Tuesday, although a resolution approved by commissioners authorizes the issuance of not more than $10 million in bonds and provides for the levy of tax for the payment of principal of, premium (if any) and interest on those bonds.

Hmmm... A "levy of tax for the payment of principal of, premium (if any) and interest on those bonds."

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