Why is reappraisal necessary?
Reappraisal eliminates inequities which are created over time by changes in the real estate market, ensuring fairness and equity for all property owners. A property’s market value can increase or decrease. If the Assessor’s record of a property’s market value does not change with the market, some people could pay too much in property taxes, while others could pay too little. That’s why the Davidson County Assessor is required to conduct reappraisals every four years. Reappraisals allow the Assessor to adjust property values so that every property in Davidson County is appraised at market value. The last reappraisal occurred in 2001.
Reappraisal eliminates inequities which are created over time by changes in the real estimate market, ensuring fairness and equity for all property owners. A property’s fair market value can increase or decrease. If the assessor’s record of a property’s fair market value does not change with the market, some people could pay too much in property taxes, while others could pay too little. That’s why the state of Tennessee requires the McMinn county Assessor to conduct reappraisals every five years. Reappraisals allow the assessor to adjust property values so that every property in McMinn County is appraised at fair market value. The cost reappraisal occurred in 2003 and the next reappraisal is scheduled for 2008.
