General Information
The services provided by Knox County (the County) are made available as a result of revenues collected.
By far, the greatest amount of revenue received is from property taxes. The assessed value of property is established by the Property Assessor. The County Commission approves the property tax rate based on the needs presented in the budget.
Taxes for the 2024 fiscal year are levied at a rate of $1.5540 per $100 of assessed value. The 2024 tax rate is divided between General Government and the Schools as follows:
|
Amount:
|
% of Total Levy
|
|
| General Government: | ||
| General Fund |
$0.6524
|
42.0%
|
| Debt Service Fund |
$0.5864
|
20.3%
|
| General Purpose School Fund |
$0.3152
|
37.7%
|
| Total Tax Levy |
$1.5540
|
100.00%
|
After property taxes, the second largest revenue source is the State of Tennessee. These may be reimbursements for taxes paid on alcohol, or funds to repair roads, provide health services for the needy, support the schools, etc. These funds are forwarded by the state to various offices in the county, receipted in the Finance Department and banked through the Trustee’s Office – as are all revenues.
Debt Administration
At June 30, 2022 the County and the Board of Education had the following debt amounts outstanding:
|
The County
|
The Board
|
Total
|
|
| Bonded Debt |
$372,492,019
|
$329,380,938
|
$701,872,957
|
The County maintains an AA+ bond rating by Standard and Poor’s and an Aa1 Rating by Moody's Investor Services.