KNOXVILLE, Tenn. (Story courtesy of WVLT) – Knox County homeowners are reacting to reassessment letters showing property values that have nearly doubled.
Valerie Kivett said she was shocked when she opened her reassessment letter.
“How? Why? Why? Mainly, why?” Kivett said.
She added her property value almost doubled, maybe a little more. She said she is worried about what that could mean for people already stretched thin.
Knox County Chief Finance Officer Chris Caldwell said the higher appraisal value does not automatically mean a 60% tax hike because state law requires a revenue-neutral certified tax rate.
“What it means is that after we go through the appeal process, a new rate will be set.” “How state law works with certified tax rate is if values on average in the aggregate go up 60%, then our tax rate will drop 60%,” Caldwell said. “If their appraisal was 100,000 and now it’s 160,000, then their taxes won’t change,” Caldwell said.
He added homeowners who believe their value is wrong can file for an appeal.
Hundreds of Knox County homeowners are already appealing their reassessments. Homeowners can also file online 24/7 through the Knox County Property Assessor’s website by clicking the “File an Appeal” button, entering their parcel number and adding an explanation.
“If you’re still unhappy with that, then you can go before the Board of Equalization in July,” Caldwell said.
County leaders said the large increase is partly because this reappraisal looks back over a four-year cycle. Going forward, homeowners should not see numbers this high because Knox County is moving to a two-year reappraisal schedule.
Caldwell said the goal is to cut down on the sticker shock when values spike after several years.
“So, the major ebbs and flows that you see in a four- or five- or six-year cycle, if you do it every two years, there’s not as many swings. And so, not as many surprises to people,” Caldwell said.
State law requires a revenue-neutral tax rate, so when values go up across the board the tax rate is rolled back so the county does not collect more money just because assessments increased.
Knox County homeowners shocked by property reassessments (wvlt)
Knox County homeowners shocked by property reassessments, appeal (wvlt)
