Chester County residents will soon find a notice in their mailboxes advising them of the reappraisal of their property. The new appraisal is the estimated fair market value of your property as of January 1, 2022.
The housing market has been breaking new records throughout years 2021 and 2022. Housing supply has plunged to its lowest level in history. Buyers are scooping up homes faster than ever before. New home construction costs are at a historical high. What does this mean for property appraisals in Chester County? Beverly Morton, Chester County Property Assessor, explained how the process works and what to expect.
Morton stated the county operates under a six-year reappraisal plan. Between reappraisals every parcel of property in the county is reviewed. We also analyze sales information from recorded deeds and other factors before arriving at the new appraised value. Real estate sales from 2021 were used to determine our new appraisals along with information gathered from builders, building material supply companies, realtors and other sources. Overall, property values in the county have increased by 25/30 percent. However, according to Morton, this does not necessarily mean your tax bill will increase at the same percentage. Some properties will see an increase in taxes, some will see no change, while others may be less.
The “certified tax rate law,” a process called “Truth in Taxation,” prevents local governing bodies from experiencing a financial windfall at the expense of property owners. County commissioners must adopt the certified rate but may elect to exceed this rate.
The law requires local governments to conduct three consecutive public hearings before adopting a property tax rate that generates more taxes over all in a reappraisal year than were billed the year before at the previous year’s lower values.
Twenty-three counties in the State are undergoing reappraisals this year. Four counties in West Tennessee, Crockett, Madison, Chester and McNairy, are included in the number. Tennessee Code Annotated Section 67-5-1601 requires periodic reappraisals of each jurisdiction in Tennessee imposing a property tax. The law requires that land and buildings be revalued for property tax purposes at least every six years (sometimes more often) because actual property values change at different rates in different parts of the county due to market fluctuations. Unless the assessor’s recorded values change with these actual rates of change in value, the tax burden could be greater for one homeowner or business than for another owner of the same type of property. This ensures that property owners in Chester County are being treated fair and equitably.
‘Most of us know of a property that has sold in our neighborhood”, Morton said. “Use those sales and compare them to your new appraisal.” If a property owner feels they have been given an unfair assessment, they may discuss this at the office of the assessor. The property owners, however, must show evidence (comparable sales, current certified appraisal) that the appraised value does not reflect the market value. After meeting with the Assessor or her staff and the property owner is still not satisfied with the appraisal, they may appeal to the Local Board of Equalization. The board is comprised of five persons representing different areas of the county. This board meets the first week of June.
