Trousdale County is changing the cycle for its reassessment of property values from every six years to every five years.
The change was approved by the County Commission at its November meeting and is designed to save the county the potential need for an early reappraisal during the cycle.
Assessor of Property Mike Potts explained what he felt justified the chance in local procedure to members of the Steering Committee on Nov. 9.
“In a six-year plan, every three years the state updates the county whole on our values. In 2019, everyone’s values went up tremendously. In 2022, the end of the six-year cycle, you’re going to get another raise,” Potts told commissioners. “By going to a five-year plan, we eliminate that CVU.”
In 2019, Trousdale County underwent a Current Value Update required by state law. Pursuant to Tenn. Code Ann. 67-5-1601 (a)(2), appraisals are updated in the third year of a six-year reappraisal cycle if the overall level of appraisal drops below 90% of market value.
2022 will be the end of the six-year cycle and will mean another reassessment of county property values, and property tax rates would be adjusted by the state accordingly. In 2019 Trousdale County’s property rate went from $2.96 to $2.43 after the CVU, although tax bills generally remained the same because of the increased value.
“This means our rate would stay the same longer,” Potts noted. “Everyone knows our county has grown tremendously.”
Potts said based on state estimates, he expected an increase of 25 to 30% in property values as a result of the 2022 reassessment.
Reach Chris Gregory at 615-450-5756 or email@example.com.