Tax Appraisal (Knoxville, Farragut: sales, assessors, mortgage)

[JMT]

That is all just so bizarre to me. My parents just got their reappraisal notice, and theirs went DOWN. I can't imagine why you guys are getting higher reappraisals. It seems so random.

I honestly don't know how to appeal, but hik and lady, I hope you will do whatever it takes to appeal. I've heard (and who knows how reliable this is) that the vast majority of people who go through the hassle of appealing win their cases.

[ladyofengland]

Thanks JMT While looking on the knox county web site I also spotted that over 65 yr olds get to keep their taxes the same as they were when the house was purchased. Thank goodness my dear hubby falls in that category. So not only shall I appeal, but I might even get a reduction. Our economy is bad enough without our property taxes doubling.

[creeksitter]

One thing to remember is the overall assesment went up 16% so the millage will be adjusted downward to accomodate that. State law says you can't raise taxes merely by reappraisal.

So if the house was previously appraised at 100K and the value goes up 20K, the tax bill will go up 3.4%. (120/116 = 1.034). If the house assesment went from 125 to 145 the tax bill will be the same.

[hiknapster]

Yeah, JMT, I've heard that if you fight it you almost always win. I guess that's why I feel obligated to do something, even though I really think that they are probably correct. It's probably an urban legend and almost no one ever wins!

lady, this is one more reason why I wish I was a senior citizen!

Creeksitter, that math just gave me a major headache. How can I be so good with this stuff and not get the millage. Want to know what is absolutely frightening? I use to report this stuff in the town that I covered, every year!

Here's the deal. The house was originally appraised at 102,700 with an assessment of 25,675. It is now 122,700 and assessed at 30,675.

The letter doesn't say that it would go down. I have no idea about that state law. Can someone figure out the tax? Sorry. I am a moron.

Now this is the county. Is the city going to come along and do the same thing, or is this just a vendetta from Lumpy?

[gtice]

Re assesment does not mean your taxes will go up. Taxes are figured as follows Assessed value X 0.25, that number divided by 100 X Millage rate per Hindred + yearly taxes. For example $100000 x .25=25000/100=25 X 2.69 (Knox county rate)=$672.50 per year. If in the city it would be slightly more than double that as the city millage rate is slightly higher. When a re assessment is done in most cases the millage rate will be lowered so the tax amount due will come out the same.

[creeksitter]

Hik, take the current taxes you pay and multiply that by 1.03. That's your new tax bill.

For anyone else: take your new appraisal and divide it by your old appraisal. Then divide that number by 1.16. Multiply that number by your old tax payment. Clear as mud?

[Beretta]

Hik - My mom is also in Knox County and fought her increased appraisal two or three years ago and won.

[mbmouse]

The assistant city manager of Kingsport recently sent out this link and message about the new tax appraisals this year. We too are on a 4 year re assessment schedule. I know there are different rates and such between Sullivan and Knox counties, but I believe the math and rules are the same. Between what Jeff says here and the article, it is a pretty good explanation of how it is all figured in a re assessment year. Hope it helps.

Sullivan County property reappraisals up 23 percent - Kingsport Times-News Online

"A note from Jeff:

While it is good that our property is gaining value, this is just a reminder not to panic. This doesn't necessarily mean your out-of-pocket property taxes are increasing 23%. Tennessee requires that the tax rate rollback so you have the same value-to-tax ratio as before reappraisal. Tax rates can be raised, but it requires specific legislative action by the local governing boards (county or city). In other words, it's not automatic.

Single family residential tax rates per $100 x 25% of appraised value*

Year, Property Tax Rate (County/City)
2008 = $2.53 $2.30
2007 = $2.53/$2.30
2006 = $2.53/$2.26
2005 = $2.53/$2.26
2004 = $2.67/$2.29
2000 = $2.63/$2.39
1997 = $2.58/$2.30

*25% of residential appraised value is called "assessed value" by County Property Assessor's Office "

[hiknapster]

Personally, I think values are going to go up in the next year, but they have gone down in the past year.

creeksitter: According to your instructions, I am now paying $691.00 and with the new assessment I will pay 711.73. Sound about right?

That sure is not a lot of money. Won't break me, but when values go up, I will probably get hit harder.

I guess it is just the point of the thing. I know darn well that a house that is not as nice as mine sold for about $15,000 more, two months ago. But my mortgage broker says the value of my house has gone down.

I've read the Knox County website and I am just not sure what to do. I'm going to call them on Monday.


And do you think the city is going to do the same thing?

Thanks for all the input.

[creeksitter]

Well you can call if you want to, but the line will be busy. The city taxes will go up by an equal amount.

I don't know about the county, but I feel that the city is at least $20/year more fun than it was 4 years ago.

You could wait until I get my reassesment. I guarantee you will feel real good in comparison.