DATE: September 27, 2017
TO: Board of Mayor and Aldermen
FROM: Eric Stuckey, City Administrator
Kristine Tallent, Assistant City Administrator/CFO
SUBJECT:
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Report of FY 2018 Property Assessment
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Purpose
The purpose of this memo is to provide information to the Budget and Finance Committee concerning the FY 2018 property assessment for the City of Franklin as prepared by the Williamson County Property Assessor.
Background
Property taxes are the third largest revenue source (9.7%) for the City of Franklin’s General Fund. Moreover, property taxes provide funding for the City’s debt service and capital improvement program. Certain estimates are used during budget preparation before the Williamson County Property Assessor has finalized the property assessment for the upcoming fiscal year. This report is intended to provide further information for monitoring the City’s property tax estimates versus expected billing for FY 2018.
Financial Impact
Using assessment information provided by the Williamson County Property Assessor, the City’s total assessment increased 5.1%, or $236.9 million from FY 2017 to FY 2018. The FY 2018 Budget was prepared assuming a 1% growth in valuation. Additional property tax revenue may stabilize overall General Fund revenues as year over year increases in sales taxes begin to soften. Williamson County Trustee Karen Parris has advised that property tax bills will be mailed around October 5th.
Recommendation
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No action is required.