| Reappraisal Information |
| T.C.A. 67-5-1601. General provisions-Administration-Costs-Penalty for failure to comply. (a)(1) Reappraisal shall be accomplished in each parcel of real property over a five-year period, or, upon approval of the state board of equaliztion, by a continuous four-year cycle comprised of an on-site review of each parcel of real property over a three-year period, followed by revaluation of all such property in the year following completion of the review period. Alternatively, if approved by the assessor and adopted by a majority vote of the county legislative body, the reappraisal program may be completed by a continuous five-year cyle comprised of an on-site review of each parcel of real property over a four-year period followed by revaluation of all such property in the year following completion of the review period. The board may consider a plan submitted by an assessor which would have the effect of maintaining real property values at full value as defined by law on a schedule at least as frequent as outlined in this section. In counties which have adopted a four-year or five-year reappraisal cycle, there shall be no updating or indexing of values as there is in counties with a six-year cycle. (2)In the third year of the review cycle, there shall be an updating of all real property values if the overall level of appraisal for the jurisdiction is less than ninety percent (90%) of fair market value. If the overall level of appraisal for the jurisdiction is greater than or equal to ninety percent (90%) of fair market value, any subclass of property not having a level of appraisal within ten percent (10%) of the overall level of appraisal for the jurisdiction shall be updated to the overall level of appraisal. Further, any group of property within a subclass not having a level of appraisal within ten percent (10%) of the level of appraisal for that subclass shall be updated to the level of appraisal for that subclass. If land market values of farm property in the county are not updated, land use values for land classified as agricultural, forest and open space pursuant to 65-5-1050 will not be updated, the factors or appraisal table changes used to effect the update shall be as determined by the state board of equaliztion. (3)Reappraisal shall be accomplished in each county on a four-year cycle, comprised of an on-site review of each parcel of real property over a three-year period, followed by revaluation of all such property in the year following completion of the review period. The board shall consider a plan submitted by an assessor which would have the effect of maintaining real property values at full value as defined by law on a schedule at least as frequent as outlined in this subsection, and if the board finds the plan would achieve this effect, the plan shall be implemented in lieu of indexing. During the review cycle between revaluations, new improvements discovered by on-site review or otherwise shall be valued on the same basis as similar improvements were valued during the last revaluation or otherwise as necessary to achieve equalization of such value, subject to application of periodic value indexes established by the board. (4)The assessor of property shall maintain a program of real property sales verification in accordance with procedures and rules established by the state board of equalization. The assessor of property shall maintain documentation of the reason for rejection of any sale rejected by the assessor for use in analyzing appraisals. (b)Any city lying in more than one (1) county shall be reappraised under a seperate plan of reappraisal on a cycle determined by the board. The reappraisal shall be accomplished under contract with the state division of property assessments unless the city has established an assessment office seperate from the county in which it lies. (c)(1)(A)Subject to funding, the state shall pay a per-parcel grant to local governments to assist in the cost of reappraisal. The grant shall be determined by the division of property assessments and approved by the board. Such funds shall be expended solely for the purpose for which the grant was made. (B)The state grant for any county in a four-year or five-year reappraisal program shall be limited to the amount, as determined by the division of property assessments, which would have been paid to the county had it remained on a six-year reappraisal program. (2)In the absence of any agreement between the county and the cities thereof imposing a property tax, local costs of reappraisal of properties within a city shall be paid one half (1/2) by the county and one half (1/2) by the city. Any city paying one half (1/2) of local costs of reappraisal pursuant to this section shall pay those costs directly to the county government with juristiction over the property being reappraised, and shall pay those costs during the fiscal year which the reappraisal is finalized. |
| Our office is required by law to conduct an ongoing reappraisal program for Greene County. We are attempting to maintain our records to reflect 100% of market value, or what the property is selling for. The assessor's office is always in the process of analyzing sales and trends across the county in addition to appraising new construction as it occurs. Our job is to make everything fair and equitable. This is a daunting task as property sales continue to fluctuate in today's market. We are currently in the second year of a five-year reappriasal cycle. Our next reappraisal for Greene county will turn over in the spring of 2008. Technically with an increase in property appraisals which is reflected by market value, the tax rate should decrease at the same time. It is an equalizing effect. Ultimately though, the setting of the certified tax rate is up to the elected county commissioners for the county rate and the Board of Mayor and Aldermen for the city rate. The assessor of property office does not have anything to do with setting the tax rate. Listed below is the law as it pertains to a reappraisal program. It is taken from the Tennessee Code Annotated. |
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