Sumner County Assessments up 15% (Hendersonville, Henderson: assessor, mortgage, refinance)

[rossc]

Originally Posted by bluesky42day

Fiddler, I'm not so sure if it's always every 4 years or on an as needed basis. There was one for Davidson in 2005 but previous appraisals were in 2001, 2000 & 1999 consecutively.

I wouldn't be surprised if less than expected sales tax revenues are the reason behind the property tax assessments.

[mad fiddler]

Originally Posted by bluesky42day

Fiddler, I'm not so sure if it's always every 4 years or on an as needed basis. There was one for Davidson in 2005 but previous appraisals were in 2001, 2000 & 1999 consecutively.

I'm not sure, either. The statement we received had the exact same amount for the past four years, so I figured they hadn't done any assessments since then.

[scottv]

Ha, these East Nashville increases crack me up...I hope they use some of the extra tax money to crack some gangsta skulls over there.

[bluesky42day]

Originally Posted by scottv

Ha, these East Nashville increases crack me up...I hope they use some of the extra tax money to crack some gangsta skulls over there.

Scott, my understanding is there will not be "extra money", as previously stated a tax increase in Davidson has not been proposed. Some people that had drastic increases may personally pay more but you can't forget about all of the people paying less, it all has to balance to the same total amount collected before.

I really don't mind paying what's fair, tax assessments are typically well below actual market value, mine appraised years ago for a lot more than the assessed value & the property taxes are relatively low here regardless.

[alleycat]

Originally Posted by bluesky42day

I really don't mind paying what's fair, tax assessments are typically well below actual market value, mine appraised years ago for a lot more than the assessed value & the property taxes are relatively low here regardless.

By state law, assessed value is suppose to be 25% of actual value on residential property. Then, after new assessments, the local government is suppose to told a public hearing if the new assessments would result in more taxes coming in (since it would effectively be a tax increase), or reduce the tax rates. It works better in theory than in practice. Often, it does work out to be a small but real tax increase.

I found that the assessment of my property has usually been very close to what it should be, but it'll be interesting (or painful) to see what the new assessment is.

[rossc]

Originally Posted by alleycat

By state law, assessed value is suppose to be 25% of actual value on residential property.

Our assessment is a little more than what I paid for the property, which puts the percentage at about 108%. I wish it were 25%.

It this is true, a house selling for $140K would have assessed tax value of $35K. I'd be surprised to see that hold true anywhere in the county.

[bluesky42day]

Originally Posted by rossc

Our assessment is a little more than what I paid for the property, which puts the percentage at about 108%. I wish it were 25%.

Ross, I would appeal your new assessment & send a copy of the appraisal from when you bought your house as supporting documentation.

[alleycat]

Originally Posted by rossc

Our assessment is a little more than what I paid for the property, which puts the percentage at about 108%. I wish it were 25%.

It this is true, a house selling for $140K would have assessed tax value of $35K. I'd be surprised to see that hold true anywhere in the county.

Are you sure your assessed value is more than the price you paid for the property? Assuming you didn't buy the property long ago, that would be one heck of an increase in value, or the assessment is just plain wrong.

Here's the state webpage on the subject: Tennessee Comptroller of the Treasury - Division of Property Assessments

[rossc]

Actually, I stand corrected. I just looked at the assessment. The appraised value is about $15k more than we paid for the house. The assessed value is 25% of that. I'm still inclined to contest it.

[46Barb]

Did you get a good price on the house since the market was slow. I know a home in my development apparised for more than the purchase price, but it was a new home that was on the market for so long that the builder took a much lower price just to sell it.