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Property tax re-assessments

 
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Do you think your new property tax assessment reflects the value of your property?
No, the new assessed value is less than I could sell the property for.
0%
 0%  [ 0 ]
No, the new assessed value is more than I could sell the property for.
50%
 50%  [ 1 ]
Yes, I think the new assessed value is about what I would get if I sold the property
50%
 50%  [ 1 ]
Total Votes : 2

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Ellen
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Joined: 15 May 2004
Posts: 209
Location: Oak Ridge, Tennessee

PostPosted: Fri May 06, 2005 8:52 pm    Post subject: Property tax re-assessments Reply with quote

Property tax reassessments are on many people's minds right now. Reportedly, Anderson County appraisal notices were being sent out today, so we should receive ours tomorrow. Neutral

Both Anderson and Roane County did reappraisals this year, and in the future both sides of Oak Ridge will be on the same assessment cycle. That's a nice change -- it should reduce costs and increase the transparency and fairness of the process. Smile It will cut costs by eliminating the need for the city to conduct equalization reviews/appeals -- those all will happen in the counties. It will increase transparency and it will feel fairer because people will no longer wonder if they are paying too much or tool little city tax because of the two counties being out of synch. (Before this, Roane County and Anderson County reappraised on different 6-year cycles. Whenever one county got new appraisals, the other county's appraisals were already a couple of years out of date. Confused )


Last edited by Ellen on Sun May 08, 2005 11:29 pm; edited 8 times in total
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Ellen
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Location: Oak Ridge, Tennessee

PostPosted: Sat May 07, 2005 11:32 am    Post subject: Reply with quote

Last week City Council was told that property assessments across the city are up an average of 12.5%.

Higher property assessments happen mainly because of inflation.

Some people are afraid that higher assessed values automatically mean more property taxes, but that's not true. State law requires a calculation to determine the tax rate that will yield the same amount of tax after reassessment as the same property generated before the reassessment. That's confusing to say. Confused It's expected that Oak Ridge's calculation will show that the FY 2005 tax rate of $2.87 (based on old property values) is equivalent to a rate of $2.55 based on new property values. The City Manager's budget for FY 2006 is expected to hold the tax rate at $2.55. That means that no increase in taxes to allow for inflation.

However, if your property value increased more than the city average, your city property tax will be higher in FY 2006 than in FY 2005. If your property value increase was lower than the city average of 12.5%, or if your property value decreased, your city property tax will be lower.
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Ellen
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PostPosted: Sat May 07, 2005 12:22 pm    Post subject: Reply with quote

On average, assessment increases are reportedly lower in the Anderson County part of town than in the Roane County part of Oak Ridge.

The main reason for the differences between the county increases is that the Oak Ridge part of Roane County consists mostly of relatively new neighborhoods (for example, the Westwood and Southwood subdivisions), while most of the city's older housing stock is in Anderson County. Values of newer homes have gone up faster than the values of older homes.

One of my opponents thinks this is a conspiracy against the Roane County portion of Oak Ridge.
In a broadcast e-mail, Martin McBride wrote:
“Although they represent a smaller portion of the population in Oak Ridge, Roane County taxpayers absolutely do count!” said McBride....

[In Monday's] work session on the upcoming city budget, the Oak Ridge City Council revealed that property assessments for Roane County residents were about to increase by about 25%, while assessments for neighboring Anderson County residents were only going up about half that much, at 12%. There are similar homes in both areas and the tax advantage of Roane County over Anderson County seems insufficient to explain such a large difference. While there are homes in Roane County that are more-recent and more-expensive, similar homes can also be found in Anderson County.

“The reason for such a large tax difference is not obvious at first glance,” said Martin McBride. “How does one group of houses appreciate at 12% and a similar group of homes next door go up 25%? If there is a good explanation for this difference, the City Council offered none last evening.”

A little time spent with a city map and a pocket calculator should be enough to show Martin McBride that there is no conspiracy here.

Yes, there are some new expensive homes in the Anderson County end of Oak Ridge. However, the majority of the housing in the Anderson County portion of Oak Ridge was built before 1960, and (as far as I know) there are no homes in the Roane County portion of the city built before 1960.

Many homes in the city's older neighborhoods are not appreciating in value.
If there is a conspiracy here (and I don't think there is a conspiracy), it is against homeowners in established neighborhoods in the heart of the city where property values are decreasing or increasing at rates well below the rate of inflation. Sad Roane or Anderson County homeowners whose appraisals went up much faster than the city-wide average and don't want to pay higher taxes can sell their homes at a profit. That's not an option if your property value has fallen.

The disparity in property reassessments is just one more signal of the need to increase the pace of public efforts to enhance our older neighborhoods.


Last edited by Ellen on Sat May 21, 2005 10:22 am; edited 1 time in total
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Ellen
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Location: Oak Ridge, Tennessee

PostPosted: Sat May 07, 2005 11:39 pm    Post subject: Reply with quote

A common issue with property reappraisals is whether they reflect the actual value of our homes. Many of us think our homes are appraised for more than we could sell them for. I doubt that everyone thinks their home is over-valued, but I wonder.

When you get your new appraisal (we haven't received ours yet), please tell the rest of us if it is more than you think you could sell the place for, less than you think you could sell it for, or just about right. Confused Use the poll at the top and bottom of this thread.


Last edited by Ellen on Sat May 21, 2005 10:25 am; edited 1 time in total
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Ellen
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Location: Oak Ridge, Tennessee

PostPosted: Sun May 08, 2005 11:34 pm    Post subject: Reply with quote

Forum registration is required to participate in the poll. (This is how the software works.)

The forum registration form asks for your e-mail address. This address will be used only to send you a new password if you forget your password and ask for the password to be reset.
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