Kingsport officials approve property tax increase on first reading

The Kingsport Board of Mayor and Aldermen approved a 24% property tax increase on first reading Tuesday evening. Kingsport property owners in Sullivan County would pay $1.68 per $100 of assessed value, up 33 cents from the current rate of $1.35. For those in the Hawkins County portion of the city, the rate would increase 22 cents from $2.27 to $2.49. The reason for the difference is that Hawkins County’s rate is based on the county’s most recent reassessment, which was in 2021. However, it would amount to an equal increase when compared to Sullivan County. The proposed tax hike would generate an estimated $10 million in new annual revenue. The second reading is scheduled for next month.