Smoak: Town value $3.2B
If you were ever curious about total dollar value of every piece of property within town of Farragut limits, David Smoak revealed the answer last week.
“Does anybody know what the value of the town of Farragut is?” Smoak, Town administrator, asked while giving his monthly report to Economic Development Advisory Board during EDAC’s monthly Wednesday morning meeting, May 3, in Town Hall Community Room.
After no one ventured a guess, Smoak said, “It’s $3.2 billion as of the end of 2016 … the [Knox County property tax] assessed value of all property in Farragut. That’s a pretty big number for a Town that’s 15 square miles and really doesn’t have any major industrial type of base, either.”
Smoak also announced the Town had collected about $3.8 million is Sales Tax revenue from July 1 through Jan. 31 [2017 fiscal year to date], which is up 3.2 percent from the same time period in fiscal year 2016.
“Sales taxes for January, we haven’t gotten February yet, are up 2.4 percent,” he said.
Town issued 43 residential building permits from January through April, “with an average [value] around $386,000 per home, plus about $16.6 million total value adding Town and residential,” Smoak said.
Concerning the average value of homes in Farragut, “the average has gone up slightly … but that’s only for the value of the home, not the value of the land,” Smoak said.
