What You Should Know About Property Taxes
Tax Assessments of property value are completed every four years in Tennessee. Starting in January 2017, all 236,000 properties in Nashville will be assessed for value.
The Davidson County Assessor’s office estimates that assessments will go up 35% on average.
This is unprecedented for Nashville.
One year from now, Nashville residents will start to get Appraisal Notices in the mail from the Property Assessors’ office.
Now this does not mean that your property tax will automatically increase.
Tennessee has a “Truth in Taxation” law which is the closest thing to a total prohibition of property tax increases in a reappraisal year.
Actual property values change at different rates in different parts of the city and that is why they are reassessed on regular intervals.However, the overall amount of property tax collected cannot increase due to reappraisals.
The law requires counties to examine their property tax rate after a reappraisal.The county must adjust the rate to avoid an increase in property taxes collected.If the county wants to adopt a tax rate that generates more tax dollars they are required to hold public hearings and obtain approval by the county commission.
So neighborhoods that saw less than the 35% average increase in value will likely pay less in property taxes starting in 2017.For those areas who saw increases above the 35% average, you will likely pay more in property taxes.
Overall, the total taxes collected will be the same unless Mayor Berry and the County Commission decide to try and collect more.
Nashvillians are a tough crowd when it comes to new taxes.We will have to wait and see.
There are a few programs offering relief.Those over the age of 65 might qualify to freeze their property taxes or get a reduced rate.
If you think your taxes were assessed improperly in Nashville, you can appeal to the Metropolitan Board of Equalization certain times each year.
We’ve helped several people gather the required documents to successfully prepare an appeal their property taxes.
Do you expect your taxes to Increase or Decrease this year?
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