KNOX COUNTY, Tenn. (WATE) — If you’re a homeowner in Knox County, you’ve probably gotten your new home appraisal and your taxes could be going up.
It came on a yellow slip of paper this week, and the number on there may be significantly higher than the last appraisal in 2017. Since then, the housing market has boomed, which is why your appraisal may be higher.
As a realtor, Steven Hensley has seen the housing market go up.
“Just yesterday I did a market update that we’re at 1600 homes. That’s it. And we’re talking 18 counties, more than a million people fighting for just over 1600 homes.”
With fewer homes on the market, the prices of those homes available have skyrocketed.
“If you are a homeowner and you bought a house two years ago there’s a good chance you’re sitting on 30/40 percent equity.”
This means your tax appraisal may have gone up as well.
“The last reappraisal we had was in 2017. So that’s where most of our base year is. So, everything that’s put on the books is 2017 base values,” said Knox County Property Assessor John Whitehead.
Knox County reappraises property every four years per state code.
Whitehead explained, “it tells them what it was appraised for and what the new value is and we have to send those out. Anytime there’s a chance we have to send one of those notices out.”
He added the increase may not necessarily mean you’re paying more on your taxes.
“If it goes up 40%, your taxes will be pretty much the same, if it goes up 30% it will be a little less, 50% it will be a little more, 100% which a lot of them have, that’s going to be a pretty good increase, but it won’t be a full 100% increase because the first 40% is a break-even for them.”
However, if you’re not happy with your new number, you can appeal it, but that’s something Hensley said may be hard to prove.
“One of the things you’re going to have to prove and it’s going to be very difficult to prove this is that your value is wrong,” said Hensley.
Whitehead says his office is in the process of taking phone calls, emails, and scheduling meetings for in-person appeals, but again remember he says to make sure you have proof that the value of your home is incorrect.
You can appeal by calling 865-215-3003, appeal online at www.knoxcounty.org/property/ or appeal in person by appointment from April 18- to April 23 and from April 25-April 29 at the following locations.
- RESIDENTIAL –
- Cedar Bluff Library, 9045 Cross Park Drive
- Fountain City Library, 5300 Stanton Road
- COMMERCIAL – Old Courthouse, 300 Main Street