According to an article today in the Times Free Press, tax bills for some Chattanoogans may be on the rise.
For the first time in eight years, most Hamilton County, Tenn., property owners are getting higher assessments for the property taxes they pay on their homes and commercial properties.
But while most properties are showing some gains since the last countywide property reassessment in 2013, those increases won't necessarily mean higher property taxes next year. In fact, those whose property rises less than the countywide average may end up getting a tax cut next year. But those in hot areas of the county like North Chattanooga and parts of Ooltewah and East Brainerd are likely to see higher property bills based upon greater appreciation in their properties over the past four years.
Under Tennessee law, local governments must adjust their property tax rates, or millage, to offset any increase in the overall value of existing property. The reappraisals every four years are designed to equalize tax assessments with the real, changing value of property, but cities and counties must roll back their rates to keep the reappraisals revenue neutral.
Hamilton County Assessor Marty Haynes said his office has mailed out nearly half of the property reappraisals to the 146,000 homeowners in Hamilton County, and other property owners should get their new assessments within the next three weeks.
Concerned you might be affected? Contact us today for a free home appraisal.
Source: Dave Flessner, Times Free Press