RHEA COUNTY — This year is a property reappraisal year in Rhea County.
Rhea County performs a state-mandated reappraisal every five years in order to bring property values to current market values pursuant to Tennessee state law. The best indicator of current market value is qualified prior year sale, which the Rhea County Property Assessor’s office uses to determine reappraisal values.
In April 2024, the Rhea County Property Assessor will mail out valuation notices to every property owner. This is not a bill, just a notification that your assessment value has changed due to current sales data, as required by law.
The assessor’s primary responsibility is to find the “fair market value” of your property so that you may pay only your fair share of the taxes. Fair market value is the price for property which would be agreed upon between a willing and informed buyer and a willing and informed seller under usual and ordinary circumstances. The assessor has the legal and moral responsibility to study those transactions and appraise your property.
The reappraisal process consists of four years of monitoring and review and value calculation in the fifth year. During the review period, every parcel in the county is inspected to ensure the property assessor’s records correctly reflect what is on your property. Records may be adjusted due to additions, new buildings, demolition or error corrections. For instance, if you were to make improvements to your existing property, such as an additional garage, an additional room or a swimming pool, the “Fair market value,” and therefore the assessed value, would also increase. If you tore down a barn, filled in a pool, etc., the “fair market value,” and therefore the assessed value, would also decrease. The assessor must also keep current on cost of construction in the area, changes in zoning, financing and economic conditions that may affect market values. This process eliminates inequities that happen over time by changes in the real estate market. Reappraisal works to ensure fairness to all property owners.
“The intent of reappraisal is to restore equity to the property tax system so when the jurisdiction’s budget is set, each taxpayer only pays their genuine fair share of the tax burden,” Rhea County Property Assessor Debbie Byrd said.
The “Truth in Taxation” law, also known as the “Certified Tax Rate” law, requires that the new tax rate be adjusted to produce no more revenue than the prior year, minus and new construction improvements during that year from the tax base. Even under the Certified Tax Rate, some taxpayers pay more, and some pay less that the previous year due to the effects of equalization.
Once a certified rate is calculated and reviewed by the State Board of Equalization, it is submitted to the jurisdiction’s governing body for formal determination, usually for consideration with the budget. If the budget will require an increase above the certified rate — the revenue neutral rate — the governing body must publish notice of a public hearing on whether to exceed the certified rate and then proceed to adopt an actual tax rate after the hearing. If the certified rate is exceeded, the jurisdiction must send the State Board of Equalization an affidavit of publication for the hearing notice and a certified copy of the final tax rate ordinance or resolution.
The assessor does not raise or lower taxes. The assessor does not make the laws which affect property owners. The constitution of the State of Tennessee, as adopted by the votes, provides the basic framework for taxation, and the tax laws and regulations are made by the Tennessee legislature. The tax dollars are levied by the taxing bodies, such as the city council or county commission, and are collected by the trustee’s office. The assessor’s office primary responsibility it to find “the fair market value” of property. The amount of taxes you pay is determined by all agencies within the city and county, and those rates are fixed by the Constitution. The tax rate is the basis for the budget needed or demanded by the voters to provide such services as schools, law enforcement, etc.
“The assessor’s office values are based on current sales to restore equality and treat everyone fairly,” Byrd said.
If you have any questions, contact the Rhea County Property Assessor’s office at (423) 775-7840 or visit the office at 375 Church Street, Suite 100, Dayton, TN, 37321.
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