If you live in Davidson County, you probably just got a letter in the mail with your new property value. The Davidson County Property Assessor’s Office reassesses your property every four years to produce a “Fair Market Value.”
According to The Tennesseean, “During this reappraisal year – required every four years by state law – property tax rates are adjusted, so revenue is neutral for city government. Typically, the city adjusts the tax rate to capture the growth in property values.”
The Assessor sets the property value, the Metropolitan Council sets the rate, and the Trustee collects the property taxes due based on the rate and value. Residential property tax is based on the assessed value, which is 25% of the appraised value.
If you think the value of your home is significantly less than your appraised value, you are allowed to appeal. Before filing an appeal, give Alex Helton a call at 615-390-5916 to get his opinion of the market value vs. appraised value.
What does this mean for your taxes?
Your appraised value may have increased dramatically, but your overall tax bill could fluctuate either up or down depending on what the new lowered tax rate ends up being.
What can you do if you think your appraisal came in too high?
Many people’s tax appraisal is well below what their home would actually sell for on the market, but some tax appraisals do come in higher than the home could sell for. If you feel that the appraisal is too high, you can appeal it.
How to appeal your appraised value
If it makes sense to submit an appeal, you can do that at this link or by calling 615-862-6080. You do not need to hire an attorney to file an appeal, and there is no filing fee associated with the appeal.
The deadline for a property owner to file an Informal Review is Friday, May 21, 2021, at 4:00 PM.