June 14, 2016
by Jordan Buie
A unanimous vote Tuesday night signaled a unified Franklin Board of Mayor and Aldermen on a new property tax rate that would contain an additional 10 cents dedicated to infrastructure development and city operations. The vote was the second of three.
The proposed rate, 42 cents per $100 of assessed value, is just 1 cent more than the city’s previous property tax rate after a reappraisal five years ago, but with increased property values after the latest reappraisal, the city’s newest tax rate decreased to 32 cents per $100 of assessed value.
City Administrator Eric Stuckey has said the decrease offers the city an opportunity to make a necessary investment in its infrastructure without adding a significant financial burden on taxpayers.
“This will allow us the funds to make many of the investments our city needs to ensure Franklin’s quality of life as we grow,” he said Tuesday night.
Three of the 10 cents would be the city’s first new dedications to operations since 1987.
The budget and new tax rate were open for public hearings during the Tuesday night meeting.
Alderman at-large Ann Peterson said she hopes the additional funds can be utilized for “pay-as-you-go” projects and even at times to reduce the city’s debt rather than contributing to it.
Alderman Dana McLendon also commented during discussion of the budget.
“The perfect is the enemy of the good,” he said. “I don’t love everything about this budget … but I will consider the budget by and large is overwhelming good.”