Why reappraise?
Tennessee state law requires all counties reappraise, T.C.A.67-5-1601
.
Bradley
County currently reappraises every 4 years.
Since our last reappraisal in 2005, market values have changed, but not uniformly across the county. Reappraisal restores equity in values. Without it, property owners in a “cold” or depressed market area pay more than their fair share of the tax burden.
How do we appraise?
We analyze sales data in our market, more specifically sales that occurred during 2008. We use the cost, market and income approaches to value and must comply with the State Board of Equalization guidelines. The new assessments establish market value as of 1/1/2009.
How can property values increase in this economy?
While we would prefer to complete the program in a stable market, we are obligated under a four year plan approved by the State Board of Equalization to reappraise this year.
Are my property taxes going up?
Tennessee
’s Certified Tax Rate law is intended to prevent a revenue windfall for the county after a mass reappraisal.
It requires the tax rate be
decreased
to produce the same amount of revenue as the previous year. For example,
Bradley
County’s total revenue from property tax was approximately $37,000,000 for tax year 2008, so the 2009 tax rate must be
decreased
to generate the same amount of revenue as the year before. If the total assessment of
Bradley
County increases, then the property tax rate must be
decreased
to generate the same amount of revenue as the previous year. Any rate other than the Certified Tax rate must be approved by the Bradley County Commission or the Cleveland City Council
Duties
Bradley
County
Assessor of Property
The function of the Assessor of Property is to appraise each parcel of taxable real estate within the county at its market value or a percentage of market value stipulated by statute.
The Assessor of
Property
does not determine the property tax rate or collect any taxes.
Bradley
County
Trustee
The Bradley County Trustee is the treasurer for the county. Duties include: (1) collect all county property taxes; (2) keep a fair and regular account of all money received and (3) invest temporary idle funds.
Bradley
County
Commission
It is the duty of the Bradley County Commission to adopt a budget and to appropriate funds for the ensuing fiscal year for all county departments and agencies. The Bradley County Commission is responsible for setting the
Bradley
County property tax rates.
Cleveland
City Council
It is the duty of the Cleveland City Council to adopt a budget and to appropriate funds for the ensuing fiscal year for all city departments and agencies. The Cleveland City Council is responsible for setting the City of
Cleveland property tax rate.