Reappraisal

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22 Counties to Reappraise in 2017

There are twenty-two counties in the State of Tennessee scheduled to perform a county-wide reappraisal program for the 2017 tax year. Those counties are as follows:

Bledsoe Bradley Claiborne
Clay Cumberland
Davidson
Fayette Franklin Giles
Hamilton Hancock Henderson
Humphreys Knox Loudon
Marshall Sequatchie Shelby
Smith Sullivan Unicoi
Union    

What is a County-wide Reappraisal?

The State of Tennessee mandates that all counties must reappraise every four to six years. This reappraisal is intended to bring the appraised values for tax purposes to a current market value (what your property would sell for on an open market to a willing buyer). Due to the high volume of parcels to be appraised, the county assessors must institute a mass appraisal. In a recently declining real estate market, it is difficult for the assessor to accurately estimate these decreasing values.

What does this mean to your bottom line?

This does not necessarily mean that your taxes will increase. A county is not allowed to increase its overall tax burden due to a reappraisal program. In other words, if they collected one million dollars in taxes the previous year, the tax rate must be lowered based upon the new overall appraised values to collect only one million dollars in the year of reappraisal. So, some taxes may go up and some may go down. However, a county can request from the State that their tax rate be increased due to budget constraints, etc. This has happened in many reappraisal counties in the past and will likely occur in some of these counties for the 2017 tax year.

© 2017 Criterion Property Resources, Inc.