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Franklin council weighs real-estate tax hike, 1% meals tax and cuts to school funding
Summary
Council members discussed options to raise the real-estate tax by up to four cents and a 1% meals tax, and debated taking up to $400,000 from the school allocation as a revenue option; no formal vote was held, but council signaled a consensus leaning toward a combined option contingent on further review.
At a Franklin City Council meeting, staff presented examples showing how proposed increments to the real-estate tax would affect property owners and councilmembers discussed pairing a meals-tax increase with cuts to the school appropriation to close a budget gap.
Finance staff showed that a property appraised at $150,000 would pay about $15 more per year for each penny added to the tax rate and that an assessed downtown property at $253,100 would pay about $25.31 more per penny. “When you go up a penny, it increases what they would pay annually by $15,” the staff member said during the presentation.
The discussion centered on three revenue options: raising the real-estate tax (up to a total of four…
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