The Assessor of Property, according to Tennessee State Law T.C.A. 67-5-1601, is responsible for discovering, listing and valuing each piece of property in Hamilton County. This includes both real property and tangible personal property. In accomplishing this, the Property Assessor is also responsible to the individual property owner to ensure that no property owner receives preferential treatment. The Assessor of Property must keep current information of the ownership and characteristics of all property; and to prepare and certify the assessment roll annually in accordance with Tennessee State Law. The Property Assessor’s Office sets value on property based on current market values reflecting real estate property sales. These property transactions must be between a knowledgeable buyer and a willing seller at an agreed upon price.
The Assessor of Property for Hamilton County reappraises real property every four years. The purpose of the reappraisal is not to increase revenue for Hamilton County, but to update and equalize the values of all properties in the County. Tennessee State Law T.C.A. 67-5-1705 states “exclusive of new construction and improvements during a reappraisal, each local governing body, shall determine a tax rate which will provide the same revenue as the previous year”.