Property Tax Assessments
By now most folks have probably gotten their notice of the new appraised value of their property. Along with that appraisal is the new value assessed on that property and judging from the calls I've gotten this week they are really something.
I have heard of up to forty percent increases in the appraisal value with most being approximately twenty-five percent increases which translates into some very hefty tax increases.
There are some who will falsely believe that this "appraised value" means that their property has actually increased in value but unfortunately that is not reality. We are in the midst, as most people are aware, of a very depressed economy although inflation is beginning to show it's ugly head. Property values in Giles County are extremely depressed and there is no way possible to justify any size appraisal increase on the same exact property as the last appraisal and there is certainly no reasonable justification for a 40% increase. The tax assessors appraisal does not mean that your property will sell for the amount he has appraised it at. Ask yourself if the house across the street from you sold for $89.000.00 and it was appraised at $130,000.00 should your house be appraised, with no improvements, ten thousand dollars higher than the last appraisal of $120,000.00?
I would urge everyone who disagrees with this new appraisal to call 1-931-363-2166 between 18 April and 29 April and ask for a meeting to explain the justification for such large increases in such a depressed market.
How to Figure Your Property Tax Bill
Property taxes are calculated using the following four components:
1. APPRAISED VALUE - The Appraised Value for each taxable property in a county is determined by the county property assessor.
2. ASSESSMENT RATIO - The Assessment Ratio for the different classes of property is established by state law (residential and farm @ 25% of appraised value, commercial/industrial @ 40% of appraised value).
3. ASSESSED VALUE - The Assessed Value is calculated by multiplying the appraised value by the assessment ratio.
4. TAX RATE - The Tax Rate for each county is set by the county commission based on the amount of monies budgeted to fund the provided services. These tax rates vary depending on the level of services provided and the total value of the county’s tax base.
The Tax Rate For Giles County is $3.07
With the cities having an additional rate of Ardmore: $0.26; Elkton: $0.33; Lynnville: $0.65; and Pulaski: $0.62
To calculate the tax on your property, multiply the ASSESSED VALUE by the TAX RATE.
Assume you have a house with an APPRAISED VALUE of $100,000. The ASSESSED VALUE is $25,000 (25% of $100,000), and the TAX RATE has been set by your county commission at $3.07 per hundred of assessed value. To figure the tax simply multiply the ASSESSED VALUE ($25,000) by the TAX RATE (3.20 per hundred dollars assessed).
$25,000 / 100 = 250 x $3.07 = $767.50 or ($25,000 x .0307 = $767.50)
for a tax bill of $767.50
In 2010 there were a total of 19073 parcels with 18477 taxed parcels and 596 exempt parcels. The total assessed value was $442,850,844.00.
The total Appraised value was $1,618,895,097.
These numbers were supplied by the Tennessee State Comptrollers Office.
I have heard of up to forty percent increases in the appraisal value with most being approximately twenty-five percent increases which translates into some very hefty tax increases.
There are some who will falsely believe that this "appraised value" means that their property has actually increased in value but unfortunately that is not reality. We are in the midst, as most people are aware, of a very depressed economy although inflation is beginning to show it's ugly head. Property values in Giles County are extremely depressed and there is no way possible to justify any size appraisal increase on the same exact property as the last appraisal and there is certainly no reasonable justification for a 40% increase. The tax assessors appraisal does not mean that your property will sell for the amount he has appraised it at. Ask yourself if the house across the street from you sold for $89.000.00 and it was appraised at $130,000.00 should your house be appraised, with no improvements, ten thousand dollars higher than the last appraisal of $120,000.00?
I would urge everyone who disagrees with this new appraisal to call 1-931-363-2166 between 18 April and 29 April and ask for a meeting to explain the justification for such large increases in such a depressed market.
How to Figure Your Property Tax Bill
Property taxes are calculated using the following four components:
1. APPRAISED VALUE - The Appraised Value for each taxable property in a county is determined by the county property assessor.
2. ASSESSMENT RATIO - The Assessment Ratio for the different classes of property is established by state law (residential and farm @ 25% of appraised value, commercial/industrial @ 40% of appraised value).
3. ASSESSED VALUE - The Assessed Value is calculated by multiplying the appraised value by the assessment ratio.
4. TAX RATE - The Tax Rate for each county is set by the county commission based on the amount of monies budgeted to fund the provided services. These tax rates vary depending on the level of services provided and the total value of the county’s tax base.
The Tax Rate For Giles County is $3.07
With the cities having an additional rate of Ardmore: $0.26; Elkton: $0.33; Lynnville: $0.65; and Pulaski: $0.62
To calculate the tax on your property, multiply the ASSESSED VALUE by the TAX RATE.
Assume you have a house with an APPRAISED VALUE of $100,000. The ASSESSED VALUE is $25,000 (25% of $100,000), and the TAX RATE has been set by your county commission at $3.07 per hundred of assessed value. To figure the tax simply multiply the ASSESSED VALUE ($25,000) by the TAX RATE (3.20 per hundred dollars assessed).
$25,000 / 100 = 250 x $3.07 = $767.50 or ($25,000 x .0307 = $767.50)
for a tax bill of $767.50
In 2010 there were a total of 19073 parcels with 18477 taxed parcels and 596 exempt parcels. The total assessed value was $442,850,844.00.
The total Appraised value was $1,618,895,097.
These numbers were supplied by the Tennessee State Comptrollers Office.
posted by Allen Barrett | 8:39 PM
|
137 comments
