Sticker Shock! Landowners to See Property Value Increases
Photo by Steve Corlew / The Lexington Progress
Article by Steve Corlew-
Landowners were shocked this week when they received their recent property assessment notices.
The state of Tennessee reassesses property every six years in Henderson County and with the increase in property values, many land and homeowners saw their values increase as much as 50 percent.
The latest notices from the Property Assessor’s office began arriving this week.
“This office does not have anything to do with the tax rate,” Property Assessor Gary Pope said. “All we do is go out and measure the property.”
Property tax rates will be established by a county equalization board and adopted by the county commission and each of the county’s municipalities that collect property tax.
Property rates will have to be lowered once the new assessments have been adopted. State law prohibits counties from “profiting” from a reappraisal, limiting them to the same revenue as previous years. If they want to increase revenue, the commission or city board must give public notice and hold hearings.
Henderson County Mayor Robbie McCready pointed out…
For complete coverage, see the April 26th edition of The Lexington Progress.
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