Countians Receive Property Reappraisal Notices

This week property owners throughout Carroll County will be receiving, if not already received, property reappraisal notices. Many owners may be alarmed at the rate of increase on the appraisal value.

The following statement was issued by Carroll County Mayor Joseph Butler on the matter:

Understanding the 5-Year Property Reappraisal Process in Carroll County
With appraisal notices going out this week, as your County Mayor, I want to ensure that there’s an understanding of how the 5-year property reappraisal process works and what it means for your property taxes.

What Is a Property Reappraisal?
Tennessee law requires property to be on the tax roll at current market value. Every five years, Carroll County conducts a reappraisal of all real property to adhere to State law. This process is not a tax increase, but rather a reset of property values to reflect current market conditions.

The last reappraisal occurred during a different economic environment, as we know our community has seen substantial growth and our economy has changed a great deal over the last 5 years. The new values simply aim to reflect what your property is worth today.

Why Do We Reappraise Every Five Years?
The real estate market changes over time. Some areas grow in value due to new development or other improvements, while others may stay the same or even decrease. Reappraisals help make sure that the property tax burden is distributed fairly based on current property values.

How It Affects Your Property Taxes
Here’s the key point - a change in your property’s appraised value does not automatically mean your taxes will go up. It’s helpful to differentiate between the taxes you pay and the tax rate set by the County.

Here’s Why:
* After the new appraisals are completed, the County is required by law to adjust the property tax rate downward so that the County brings in no more total revenue than before the reappraisal (excluding new construction or improvements). This is called the “certified tax rate.” 5 years ago in this process, we adjusted the tax rate downward.

* If your property value went up more than average, your taxes might go up.

* If your value stayed about average, your taxes might stay the same.

* If your value went up less than average or decreased, your taxes might go down.

Example
If the average property in the County increased in value by 20%, and your home increased by 20% as well, your tax bill would likely remain about the same after the rate adjustment.

But if your property increased by 40%, your taxes might go up — even with the lower tax rate — because your property gained more value than most others.

Transparency and Your Right to Appeal
Once you receive your new appraisal notice, you will have the opportunity to review and, if needed, appeal the value if you believe it doesn’t accurately reflect your property’s market value. If you need information or have questions on this process, contact the Property Assessor’s Office at (731) 986-1975.

Final Thought
As someone who believes in limited government, fiscal conservatism, and low taxes, I believe the reappraisal process is intended to keep the tax system fair. It doesn’t increase the County’s revenue, but helps ensure everyone pays their fair share based on what their property is worth today.