City begins new fiscal year as taxes remain near 30-year low

News

(WATE)

KNOXVILLE, Tenn. (WATE) — The city is now in its new fiscal year, with city officials saying the budget supports the continuing recovery and advances in longer-term priorities.

One highlight the city shared was that of no new taxes, saying the city tax rate is near a 30-year low and that city debt is showing a downward trend.

“The City of Knoxville is fiscally healthy,” Mayor Indya Kincannon stated in a release. “We’ve been careful stewards of public dollars. At the same time, we’ve strategically invested to improve our quality of life and create equitable opportunity in our neighborhoods. We’re leveraging new private-sector jobs. We’re enhancing public safety. And we’re also building a clean and resilient future.”

The fiscal position is mirroring a “solid local economy,” according to the city, with a key measurement being that of building permits, which are up.

Projects valued at $697 million were issued permits in 2020, notably during a pandemic, according to the city. Despite supply chains being globally impacted, people are still investing, building and expanding homes and businesses across the community. The spree of new construction happening in Knoxville reflects stability and economic growth, according to Deputy to the Mayor Stephanie Welch, chief of economic and community development.

More information about the city’s budget can be found here.

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