State to Establish New Certified Property Tax Rate After Reappraisal

May 10, 2011
Dwayne Page
Timothy Fud Banks

Have you noticed a change in your property assessment?

Property owners across DeKalb County began receiving a Tennessee Assessment Change Notice last week showing their appraisals as of January 1st, 2011 compared with their previous assessments. For some, those assessments increased. For others, there was a decrease.

Assessor of Property Timothy Fud Banks said the changes are the result of the state's recently completed latest cycle of reappraisal. "By state law, anytime you have anything (assessment) changed on your property you will receive a card in the mail during May. This year the state has come in and done reappraisal. It's a reappraisal year for the state. Reappraisal is done every six years. On the bottom of the card you have received, you'll see "previous assessment and class". That's what your assessment has been previously. If your previous assessment is more than your "assessment value", your property (value) has gone down but if your assessment value is more than your previous assessment that means it's (value) has gone up some," said Banks

Apparently because of the recession's effect, records from the Assessor of Property's Office show that the total assessed value for real property in DeKalb County has dropped by $8.9 million from the previous year. County Mayor Mike Foster said altogether including real property, public utilities, tangible personal, etc. the overall assessed value could be down at least $16 million or more. As a result, the state will establish a new certified tax rate which the county commission will act on with passage of the new budget in August. The current tax rate is $1.46 per $100 of assessed value. The new certified rate is expected to be around $1.51 cents. So even if your individual assessments are lower, you shouldn't necessarily count on your tax bill going down. With the new certified tax rate, you could pay essentially the same amount of taxes as last year, or more if your assessment has increased. "The county cannot take in no more money or no less money than it did last year. This year it's looking like the tax rate is going to have to be increased from four to six cents to make the same money come in as it did last year," said Banks

Banks adds that if you want to challenge your assessment, you may file an appeal with the DeKalb County Equalization Board during the first two weeks of June.

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