In the first property tax increase since 2014, Kingsport city leaders gave final approval Tuesday night to a $280-million budget containing a property tax increase plus water and sewer rate hikes.The budget includes a 12-cent property tax increase, which will bring the rate to $1.99 per $100 of assessed value. According to the city, the tax hike amounts to a 6.4% increase. The owner of a $292,000 home will pay $7.31 more per month, according to the city.