Property Tax Increase Proposed in Petersburg

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The board is considering raising the property tax rate to 1.200 cents for Lincoln County and 1.400 cents for Marshall County.

Property Tax Increase
Property Tax Increase ( Photo: Elk Valley Times )

The Petersburg Board of Mayor and Aldermen has announced plans for a public hearing on June 6th to discuss a proposed increase in the property tax rate for the upcoming fiscal year 2023-24

Currently, the certified tax rate is .7426 cents for the portion of Petersburg in Lincoln County and .6341 for Marshall County. In addition, Lincoln County Commission is proposing a $1.10 property tax rate increase for their own budget.

The proposed budget for the upcoming fiscal year reveals total revenues of $311,439 in the general fund, with local taxes contributing $172,750 and other sources providing $136,689. This is a slight decrease compared to the previous fiscal year, which had total revenues of $317,938, with local taxes estimated at $143,250 and other sources at $174,688. The projected expenditures for fiscal year 2024 amount to $348,346, with $188,000 allocated to salaries and the remaining $160,346 to other expenses. In contrast, the estimated expenses for the current fiscal year include $119,000 for salaries and $123,638 for other expenditures.

The board discussed a potential establishment selling beer and its proximity to two churches in the area

Mayor Randy McDonald clarified that no formal request had been made, but there is interest in building a pizza restaurant that would also sell beer. The board is currently reviewing the beer ordinance and considering factors such as the distance from churches and the days and hours of sales. They plan to gather public input through a scheduled public hearing before making any decisions.

Regarding the issue of traffic options on High Street, a public hearing was held where residents expressed their disapproval of closing the intersection with U.S. 431. Recommendations were made for increased police presence, additional signage, and the implementation of speed humps or tables. The Tennessee Department of Transportation (TDOT) also announced plans for construction on the Cane Creek Bridge, which will result in the intersection of North High Street/State Route 130 and Railroad Street/State Highway 129 becoming a four-way stop.

 

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