Property Reassessment Notices Coming Soon
Jefferson County property owners will soon be getting their property assessments and some will likely see some changes. 2019 is a reassessment year for Jefferson County and our local Assessor of Property Susan Gass and her staff have been working hard to meet mandated deadlines. Reassessment notices will go out in the mail from Nashville on April 26 and should be delivered the week of April 29-May 3.
According to Gass, there has been growth in value in starter homes so those first home buyers could see the value of their investment grow. While growth in starter homes has been fairly common historically, one group of homes that are also enjoying growth in value are older homes. It has become popular in recent years to purchase older homes that are in need of some upgrades to get the best bang for the buck. Some savvy investors are flipping these homes for profit and other are simply combining the best of both worlds to make a home for themselves and their family.
Reappraisals generally come every five years and it is after the reappraisal period, including questions and appeals, has ended that the state will set the certified tax rate for Jefferson County. Currently, Jefferson County property owners pay a tax rate of $2.35 but that will likely change if the reassessments show increases in property value because Jefferson County must have a tax rate that is equal to the amount of property tax. If property is worth more the worth of a penny has to drop, which can change the amount of property tax set for a county. In reality, it is generally large property holders that might feel changes in the certified tax rate but Gass cautions that all property tax payers should carefully read their reassessment notice. Those that have questions regarding their notice should contact the Assessor of Property ( 865-397-3326) from May 6-May10 for questions, reviews and to request changes. Those who still have questions or concerns after contacting the Assessor of Property for Jefferson County can request to appear before the Board of Equalization which will convene on June 3.
Should a property owner determine that they need to further appeal they can do so with the State Board of Equalization.
While Gass and her staff are charged with assessment of the fair value of property, they do not set the property tax rate. The property tax rate, the amount that property owners pay in taxes to the County, is set each year by the Jefferson County Commission as a part of their annual budget season. The State of Tennessee will set the amount of worth of a penny around May 20th and property owners that have appealed their property reassessment should get their second notice with any changes made around that time. It is important for those that want to appeal to keep a close eye on the calendar because once the Board of Equalization adjourns the appeal process stops.
Remember to watch for reassessment notices the week of April 29-May 3. Questions should be directed to the Assessor of Property for Jefferson County starting May 6-May 10. Those that are looking for further relief can appear before the local Board of Equalization June 3, 2019 and the final opportunity for appeal would be with the State Board of Equalization. Please note that once the Board of Equalization has adjourned the appeal process stops. For those who have relocated to the area from other states, it is important to note that Tennessee has no percentage cap and property is valued at 100% of the market value in reappraisal years which is not the same in some other states. The next reassessment has already been scheduled for 2024.
