Who elses property taxes/appraisal went up?

[Glock30]

Property taxes get paid because they will take your property and sell it for backtaxes after a while.

Sales taxes are capped by state law. No buying = no revenue.

I'm with Dolomite - I'd rather see spending-related taxes versus asset-based taxes. I'd also rather see a flat income tax and/or import VAT versus a "progressive" sliding-up scale tax bracket.

[safeandsecure]

24% increase for me. Guess I shouldn't have installed hardwood flooring and an upgraded central unit ... ...

[Dolomite_supafly]

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[TD=align: left]There are two different sources I am going to for tax information. Neither have the same tax amounts. This is one source:

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Reappraisal Year: 2011

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[TD=align: left]Land Mkt Value:

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[TD=align: right]$1,108,400

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[TD=align: left]Land Use Value:

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[TD=align: right]$111,000

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[TD=align: left]Improvement Value:

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[TD=align: right]$0

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[TD=align: left]Improvement Value:

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[TD=align: right]$0

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[TD=align: left]Total Market Appraisal:

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[TD=align: right]$1,108,400

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[TD=align: left]Total Use Appraisal:

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[TD=align: right]$111,000

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[TD=align: left]Assessment %:

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[TD=align: right]25

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[TD=align: left]Assessment:

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[TD=align: right]$27,750

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[TD=colspan: 2]Sale Information

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[TD]Sale

Date

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[TD=align: right]Price

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[TD=align: right]Deed

Book

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[TD=align: right]Page

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[TD]Vac/Imp

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[TD]Type

Instrument

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[TD]Qualification

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[TD]05/11/2010

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[TD=align: right]$0

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[TD]01/04/2008

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[TD=align: right]$0

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[TD]11/04/2005

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[TD=align: right]$1,000,000

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[TD]IMPROVED

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[TD]WM

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[TD]D

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[TD]02/12/2002

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[TD=align: right]$0

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[TD]01/01/1901

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[TD=align: right]$0

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And here is another source, same property: (It may be from the previous year)

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[TD=colspan: 2]Values

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[TD]Land:

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[TD=class: money]$98,200.00

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[TD]Improvements:

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[TD=class: money]$0.00

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[TD]Total Property:

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[TD=class: money]$98,200.00

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[TD]Assessed Value:

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[TD=class: money]$24,550.00

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The first source is:

Tennessee Property Data Home Page

The second is:

Tennessee Trustee

The acreage as of 2011 is actually 185 acres now. 203 acres were purchased in 2005 for $1,000,000.

Just trying to figure out how his acreage with buildings and black top roads, power, water is less than my single acre with a house. It is developed and he is signing contracts with businesses to come in as part of a commercial development.

Dolomite

[Guest db99wj]

It might be less acreage due to the owner subdividing them into smaller parcels and/or selling off part of the total land area.

The Tennessee Trustee site is one that we use quite a bit. They have a "market value" of 1,108,400, and an assessed value of $111,000. You could pull all the deeds associated with the property and find out more, even if there are easements on the property. The roads might be considered public, water/sewer, electric really doesn't add that much on developed land. Raw land will be a little less.

The thing that sticks out on that is the fact there is no value given for any improvements, like the office building. That is why I'm asking or thinking that the land and the building have been separated from the parent tract of land.

Is this in Knox county or Sevier County? If so, here is a GIS mapping system which should show the individual parcels.

Knox County GIS

" + theTitle + "

Sevier county GIS

ArcServer

You can search these or zoom down to the parcels and thin hit the "i" icon, typically, and get parcel information, including owner information. Deed information is also available with some counties, like Knox.

Many larger more populated counties have convereted to an online GIS system, so anyone else out there can check their counties. I just did a search from "Knoxville GIS" and came up with the results. Sometimes you will have to dig through the county website to find it.

Edited July 7, 2011 by db99wj

[Dolomite_supafly]

The building is on a seperate tract under a different name within the family. The total value of the property is appraised at $313,000.

I just don't understand how my property is worth more than his when he paid what is at least 10X what mine would bring. Even if you compare cleared acre to cleared acre mine is 30x more per acre.

Dolomite

[Guest db99wj]

Hard to say without knowing the market area, and I don't. Some residential areas still saw little or no drop in overall values, sure there are a few folks that got nailed and lost their houses and the price went down. Commercial is a whole different animal. We have seen properties that the highest and best use has changed, might have been a retail building or office and the best use of the property is to tear it down, even "nice" buildings and rebuild/redevelop with something else. I've seen properties that we put a value that was negative........yep, negative. The building was in bad shape, the underlying land value is X, then you take the cost to demolish, which is Y and it will cost more to demolish than the property is worth. Using round numbers, Land worth 100K, building is worth 25K, costs 150K to demolish. That is happening.

Like I said, I don't know the market over there so that could be one reason or it could be that he greased someones palms and got a good ole boy deal.

Interesting times and some stuff is hard to figure out what is exactly going on.