Tennessee Code Annotated 67-1-202 (a) (1) Requires that the State of Tennessee Division of Property Assessments, (DPA) supervise and direct all reappraisal programs and revaluations. Reappraisal year for Marshall County is 2007, meaning that under the direction of the state, Marshall County Assessor; Linda Haislip must revalue all properties in the county at the current market value.
Linda Haislip states that she and her staff along with DPA have completed inspecting Marshall County properties, building base rates and establishing new land values based on sales for the reappraisal. According to state law if the Assessor does not complete a reappraisal every five years then Marshall County would be charged being non-compliance of state law. This would mean that Marshall County would lose grant monies that are paid to the county and the county would be forced to hire an appraisal company to do the reappraisal at whatever the company decides to charge and that would be an added expense to the taxpayers. Linda says that the assessor does not set the market values in the county, the buyers and sellers of property set the market values, but the Assessor must use the market to appraise all properties during the reappraisal. When people buy and sell properties at a higher value than what the assessor has it appraised for, this indicates that the sales ratio is low and the state law requires the Assessor to reappraise and increase all properties values up to 100% ratio, which is what the market indicates. The DPA office monitors all sales in the county on a quarterly basis and produces sales ratio reports, to insure all values get updated to market during reappraisal year.
Linda wants to explain to property owners that the appraised values that were on their 2006 tax bills are values that were set in the 2002 reappraisal (5 years ago). Those values were calculated based on sales prior to 2002. The new appraised values are calculated using the current market value, which is based on current sales.
Linda states that if you want to compare your new values to what the market indicates then just look at your local newspaper and find a comparable property that is listed for sale. This will give you an indication of what the market is for your property. Although Linda does not use the sales listings, she uses properties that have actually already sold to indicate market value. She invites everyone to come into her office or go to the Register of Deeds Office to look at actual properties that have sold. Linda states that there are a lot of people who do not intend to sell their property, but their property still has a marketable value.
A good thing to remember about a reappraisal year is that property values increase but the tax rate typically comes down due to the certified tax rate law. Tennessee's certified tax rate law is intended to prevent local governments from realizing a windfall of added revenues because of reappraisal.
The certified tax rate is an adjusted rate exclusive of new construction, improvements and deletions that will produce the same amount of revenues as the previous year. The Tennessee State Board of Equalization and County Commission certifies the tax rate after the Assessor certifies the total assessed value for the county. The certified rate set by the SBOE cannot be exceeded unless:
(1) The governing body shall advertise its intent to exceed the certified tax rate in a newspaper of general circulation in the county, and the chief executive officer of the county or municipality, as appropriate, shall within thirty (30) days after publication furnish to the state board of equalization an affidavit of publication; and
(2) The governing body, after public hearing, may adopt a resolution or ordinance levying a
tax rate in excess of the certified tax rate.
Linda states, " The Assessor does not tax you. The Assessor does not set the tax rate. The Assessor appraises all properties in the county for assessment purposes at the current market value. During a reappraisal year the SBOE certifies the tax rate and the County Commission will either agree with the certified rate or they will have a public hearing to explain why they are changing the certified tax rate. The County Trustee collects the taxes for Marshall County. My primary goal is to get the appraised values correct to make the process fair and equal to every property owner. I cannot manipulate an appraisal to reduce anyone's taxes. The market value of property is not based on the individual owner, it is based on the characteristics of each individual piece of property, which includes the type of land, location of the property, the type and age of the house, and any other buildings or improvements located on that property. State law will not allow an Assessor to consider a person's age, race, gender or their personal income when appraising property. I have no reason to make anyone's appraisal higher or lower than fair market value, so I don't mind explaining our appraisal process and how we calculated the new values based on sales and the other information we have to work with. The new appraisals and assessments of all properties will be mailed on May 4th, 2007 to every property owner. My staff and I appreciate the opportunity to serve you and if you have any questions about the assessment notice concerning the reappraisal values for 2007, please call the number that will be on your assessment notice to talk with one of our appeals personnel or myself about your new appraisal. Please do not wait until you get a tax bill from the Trustee in October to question your appraisal, it will be too late to appeal your values at that time."
Linda J. Haislip
Marshall County Assessor of Property