Reappraisal of Properties
- Tennessee Code Annotated 67-5-1601 provides State mandated reappraisal and equalization of all real property in Tennessee.
- These reappraisals help eliminate inequities created over time by changes in the real estate market, ensure fairness and equity for all property owners.
- Hamilton County Reappraisals are every four(4) years with our last one being in 2021.
Between Reappraisal Cycles
Between reappraisal cycles the assessor of property and their staff:
- Visually inspects all property in Hamilton County so that the Assessor’s assessment records reflect each property’s actual characteristics,
such as: square footage, story height, exterior wall type, garage, carport and detached buildings.
- Verifies all property transfers as they occur in the market place. Appraisers verify each sale in order to ensure it is an arm’s length
transaction. These verified sales are recorded in a sales file to compare to properties of similar size, age, location and description to help
establish fair and equitable property values.
Certified Tax Rate
State law also protects property owners from paying more than their fair share of property tax because a reappraisal has occurred. It provides for
adjusting the tax rate to a level that would bring in the same amount of revenue county wide as before reappraisal, excluding new construction. This
is called the certified tax rate, and it prevents local governments from experiencing a financial “windfall” in reappraisal years at the expense of property owners.
A team of appraisers makes every effort to ensure that all unique characteristics of a property are considered in establishing fair market value. When property
owners have a concern regarding their appraisal or classification and do not agree with the Assessor’s value, they should request an Informal Review.