Over time, a property’s market value can increase or decrease. If the Assessor’s record of a property’s market value does not change with the market, some people could pay too much in property taxes, while others could pay too little. Reappraisals keep our property tax system fair.
That’s why the State of Tennessee requires every County Assessor to conduct reappraisals. Reappraisals allow the Assessor to adjust property values so that every property in Sequatchie County is appraised at market value. The last reappraisal occurred in 2017, and the next reappraisal is scheduled for 2023.
State law requires that Reappraisals be conducted in accordance with generally accepted appraisal principles. The Tennessee State Board of Equalization establishes the rules and policies to complete the Reappraisal, and makes the final approval of the new values. The state’s Division of Property Assessments directs, monitors and recommends the new values prior to the State Board’s review and final approval.
The state’s Truth in Taxation law requires the local legislative bodies to adjust the tax rate to a “certified tax rate” that brings in the same amount of revenue as before reappraisal, excluding the previous year’s new construction growth. The legislative bodies may then set an effective tax rate after public notice.
Your Reappraisal value will be based on these key factors: