Downtown Chattanooga produced more than $32 million dollars in property tax revenue in 2017. The figure increases to $44.5 million dollars when the NorthShore is included.
The figures come from a newly released report commissioned by River City Company and prepared by Metro Ideas Project.
Since 2013, property tax revenues in Downtown Chattanooga have grown nearly 39 percent, adding an additional $4.9 million dollars to the city and county tax base.
“Continued, thoughtful investment in our urban core creates a dynamic city and provides resources for services and amenities for all of our neighbors,” says Kim White, CEO of River City Company. “These property tax revenues are going to continue going up in the coming years.”
In addition to being the highest grossing property tax generator in Hamilton County, Downtown Chattanooga produced the highest amount of revenue on a per acre basis at approximately $35,000 per acre, with the second- and third-highest (North Chattanooga and the Hamilton Place mall area) generating $19,500 and $9,000 per acre respectively.
Downtown Chattanooga occupies one-tenth of one percent of the county’s geographic footprint and provides nearly 4.5 percent of the county’s overall property tax revenues.
The Downtown Chattanooga footprint also contributes over $7.5 million to school funding in Hamilton County.
According to the report, Downtown Chattanooga is the highest revenue generating area over a five-year period.
Source: River City Company