Bristol TN votes to lower property tax rate

Bristol, Tennessee is lowering its property tax rate after Bristol, Virginia approved a plan to build a new stadium for the State Liners baseball team. The two and a half cent decrease was unanimously approved. The city planned on taking out a $5 million bond to fund a new stadium in Bristol, Tennessee but since the plans fell through, it will no longer be necessary. This comes after a controversial 33-cent rate hike earlier this year.