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| Phil Ballard |
The Knox County Property Assessor'
Office at 8 a.m. tomorrow is expected to post online the results from
the latest reappraisal.
In addition, the department will begin
looking into informal appeals, which property owners can also begin filing in the morning.
County Property Assessor Phil Ballard
said the new values will be available on his department's website,
right smack here.
He said those who question the values
can appeal online or call (865) 215-2006. He said folks also can
appeal in person at offices in either New Harvest Park, downtown or
the Cedar Bluff library. More instructions will be on the printed
notices, which will go out within a day or two.
The informal appeals process runs
through May 3. The county's Board of Equalization will then hear
appeals throughout June.
State law requires the assessor’s
office to estimate a value for each of the 193,437 real parcels in
Knox County.
Property is then taxed on the basis of
its assessed value, which — for residential property — is equal
to 25 percent of the appraised value. In Knox County, the current
property tax rate is $2.36 per $100 of assessed value.
However, the reappraisal, which takes
place very four years, must be revenue-neutral.
Ballard said overall values for all
assessed property, including residential, commercial and agricultural
– not counting new construction – rose 2.86 percent. That means,
the Knox County Commission will more than likely roll back the value
to $2.29, or it must conduct public hearings before adopting a higher
tax rate.
Four years ago, reappraisal sparked an
outcry from property owners after residential appraisals rose by an
average of 15.8 percent from 2005 to 2009. Many felt the appraisals
were too high given the ongoing national recession, which was driven,
in part by falling property values.
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