The Thompson’s Station Board of Mayor and Alderman voted on Tuesday to approve the annual property tax rate at the same level as the previous year at 10.3 cents per $100 of assessed value.
However, because property values increased in Williamson County following this year’s property reappraisal, which is conducted every five years, the Williamson County Assessor’s Office had estimated the new certified rate for the Town of Thompson’s Station to decrease to 8.22 cents per $100 of assessed value in response to a rise in property values. Keeping the rate at 10.3 cents therefore ultimately results in an increase in tax collection.
At Tuesday’s BOMA meeting, Town Administrator Joe Cosentini explained to the board members that the county simply adjusts and balances the tax rate in a reappraisal year so tax collection amounts remain the same as the previous year, despite an increase or decrease in property values. In this year’s case, the certified rate was decreased to balance out an increase in assessed home values.
As with other cities, such as Franklin where city leaders are keeping the tax rate at 42 cents despite the new certified rate of 32 cents, officials in Thompson’s Station are aiming for the increase in property tax revenues to offset revenue losses as a result of the decrease in the Hall tax.
“It’s a very minimal difference,” Cosentini said. “One of the reasons we want to do that is that the legislature, this past session, did decrease the Hall income tax by about roughly 20 percent total. So keeping our tax rate level will make up for that difference.”
Alderman Graham Shepard said he only wanted to make sure the Town of Thompson’s Station would still have the lowest property tax rate in Williamson County even with the increase from the certified rate. Cosentini assured him that Thompson’s Station definitely still had the lowest rate in the county, and possibly even the lowest in the state.
The BOMA voted unanimously to approve the resolution and officially adopt the tax rate of 10.3 cents per $100 of assessed value.
Quint Qualls covers Spring Hill for Home Page Media Group. Reach him at firstname.lastname@example.org.