Why Are Reappraisals Necessary?

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.

Between reappraisal cycles, the Assessor’s staff:

• Visually inspects all property in Sequatchie County so that the Assessor’s assessment records reflect each property’s actual characteristics, such as: square footage, story height, exterior wall type, garage, detached buildings, et cetera.
• 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. An arm’s length transaction is a deal between two unrelated parties who have no influence or control over each other and act in their own best interest. These qualified 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 during the reappraisal year.

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.

Reappraisals are revenue neutral

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:

• Your property’s use (such as home, business, vacant land, etc.)
• Your property’s characteristics
  • Location
  • Square Footage (total living area)
  • Age (year of construction)
  • Quality of Construction
  • Amenities (such as bathroom count, garage, carport, vaulted ceilings, etc.)
• Current market conditions (determined by real estate sales activity within your property’s immediate area).