Property tax reassessment.

[gregintenn]

Got mine today. It almost doubled since the last assessment. I’ve added nothing. I hate .gov!

Anybody else get one yet?

[Garufa]

Knox County gave everybody the whammy last year.

[FUJIMO]

Nothing here but I've heard chatter saying it's coming

[Snaveba]

16 minutes ago, gregintenn said:

Got mine today. It almost doubled since the last assessment. I’ve added nothing. I hate .gov!

Anybody else get one yet?

When was your property last assessed?

[gregintenn]

15 minutes ago, Snaveba said:

When was your property last assessed?

I don’t know. I think it’s done every 5 years here.

[peejman]

Got ours in Blount Co. last week and it doubled as well. Based on current home prices, its not far off.  

[gregintenn]

38 minutes ago, peejman said:

Got ours in Blount Co. last week and it doubled as well. Based on current home prices, its not far off.  

Can it double again in 5 more years?

[jpx2rk]

I got my "updated" or new assessment last week, it almost doubled, not quite, but damn close.  I have heard that the powers that be lowered the tax rate to where the tax bill for 2023 will be basically the same as 2022, but now they have lots of room to go up on the tax rate.

I believe but not certain that all property must be "re-appraised" every 3 yrs by law, as new owners were getting hammered on taxes while the people who lived in the same house for decades were getting a break as the property was not being re-assessed when sold.

[joe4vol]

My assessment went up and my total bill went up approximately 50%

[Sleep profit]

Taxes are up and the stock market down   going to get mugged if go downtown. But a country boy can survive.   Thanks.  Hank lol 

Edited May 1, 2023 by Sleep profit

[A.J. Holst]

2 hours ago, peejman said:

Got ours in Blount Co. last week and it doubled as well. Based on current home prices, its not far off.  

Blount County as well, about the same increase.

Based on what homes are selling for vs. property improvement.

 

[Johnny Rotten]

And

not 50 cent but 50%

 

 

[DJTC45]

Well given the growth in Nashville and the surrounding areas it's not a big surprise to me when I got mine. 

TAXES and DEATH are a sure thing.

[gregintenn]

2 hours ago, jpx2rk said:

I got my "updated" or new assessment last week, it almost doubled, not quite, but damn close.  I have heard that the powers that be lowered the tax rate to where the tax bill for 2023 will be basically the same as 2022, but now they have lots of room to go up on the tax rate.

I believe but not certain that all property must be "re-appraised" every 3 yrs by law, as new owners were getting hammered on taxes while the people who lived in the same house for decades were getting a break as the property was not being re-assessed when sold.

I want to think it is mandated in Tennessee that on reappraisal year, the county is not allowed to take in more revenue than the year prior, so the tax rate should be adjusted accordingly. If my area saw an increase in property values and yours did not, my bill could increase while yours decreased, but the total county wide cannot exceed last year. That is my feeble understanding of how it works.

[Garufa]

43 minutes ago, gregintenn said:

I want to think it is mandated in Tennessee that on reappraisal year, the county is not allowed to take in more revenue than the year prior, so the tax rate should be adjusted accordingly. If my area saw an increase in property values and yours did not, my bill could increase while yours decreased, but the total county wide cannot exceed last year. That is my feeble understanding of how it works.

You pretty much get it.  During reappraisal years the county property tax rate must be adjusted so that it is “revenue neutral” as a result of the reappraisal. 

In other words the County cannot use a reappraisal to increase the taxes they take in for that year.  What it does mean is that some people will be paying more, others less.  Oh, and they can start jacking tax rate the following the year if they so desire to actually increase government income.

Edit for one more point of clarification.  The county appraises properties then assesses a tax.  So this technically is a reappraisal.  Tax on residential property is assessed on 25% of every $100 of appraised value at whatever your county tax rate is.

You can also dispute the reappraisal if you want.

Edited May 1, 2023 by Garufa

[peejman]

4 hours ago, gregintenn said:

Can it double again in 5 more years?

The double was from 15 years ago when we bought the house. If values continue to climb at that rate, then I suppose that would be appropriate. I doubt they'll go up that much more, I expect the rate of increase to slow down a bit now that mortgage rates are up. 

[Scotty]

Just want to post this as the poll for “TNGOers by age” showed there was a lot of seniors. 
 

My neighbor i shoot with and garden for was able to get a “senior” property tax freeze. Basically he didn’t have to do the last increase for Davidson county which I believe was In 2020… 
 

The other crime is home insurance  No BS my home insurance has increased 50% since ‘18. Every year it seems I’m $500 short on my escrow (I realize it occurs I just don’t deal with resetting up the escrow). I shopped around home insurance a year ago, after this years 18% increase I need to get on it.

 

Out of spite I get the daydream to throw a couple pounds of bacon in a shallow skillet on high and take the dog for a looong walk and build the house on the higher ground that gets more sun.

 

 

 

[eRay]

13 minutes ago, Scotty said:

Just want to post this as the poll for “TNGOers by age” showed there was a lot of seniors. 
 

My neighbor i shoot with and garden for was able to get a “senior” property tax freeze. Basically he didn’t have to do the last increase for Davidson county which I believe was In 2020… 
 

The other crime is home insurance  No BS my home insurance has increased 50% since ‘18. Every year it seems I’m $500 short on my escrow (I realize it occurs I just don’t deal with resetting up the escrow). I shopped around home insurance a year ago, after this years 18% increase I need to get on it.

 

Out of spite I get the daydream to throw a couple pounds of bacon in a shallow skillet on high and take the dog for a looong walk and build the house on the higher ground that gets more sun.

 

 

 

Unfortunately Loudon County does not offer a SENOIR Tax Freeze. Too many older wealthy people with lakefront property living in Tellico Village. They do not want to lose that extra revenue.

[E4 No More]

I got one in Rutherford County. Went up by quite a bit.

[jpx2rk]

Just paid my HO and Auto insurance, both policies went up by substantial amounts, I attributed the increases to the increased values of RE and used autos, replacement values, etc.,  Autos are a 2022 and 2018.