Dewayne Byrd, Trousdale County Property Assessor, has announced that Trousdale County is undergoing a Current Value Update (CVU) for tax year 2019.
The CVU program is designed to make appraisals for property tax purposes more equitable by adjusting appraised values based on recent sales in the county. Pursuant to Tenn. Code Ann. 67-5-1601 (a)(2), appraisals are updated in the third year of a six-year reappraisal cycle if the overall level of appraisal drops below 90 percent of market value.
Appraisers from the Tennessee Comptroller’s Division of Property Assessments have used current market information to establish market trends for the various classes of property in Trousdale County. The updates are derived from an analysis of recently sold properties and reflect market trends for the different property classifications – residential, farm and commercial/industrial.
“The advantages of the CVU program are numerous,” Byrd said in a press release. “Property owners will be better informed as to the value of their property and the true value at which they are being assessed for property tax purposes. Property owners will also see a more gradual change in their property values over the six-year reappraisal cycle.”
According to state officials, the update program is not a method for raising local revenue. It is designed to produce appraised values more in line with fair Markey value, and by itself will not increase the county’s revenue. In fact, Tenn. Code Ann. 67-5-1701 requires that a certified tax rate be established following a CVU of properties in a county. The Tennessee State Board of Equalization established a certified tax rate, which is a rate that will produce the same amount of revenue as billed for the same taxable properties the year before. A jurisdiction’s local legislative body may exceed the certified tax rate only after a public hearing.
Property owners who experience changes in their property values because of the updates will receive an assessment change notice in the mail. Those notices are scheduled to be mailed out on May 3, Byrd said. Those who feel that their property’s appraised value is not in line with market value will be given the opportunity to appeal their value to the county’s Board of Equalization, which in Trousdale will meet on June 3, 4 and 6. Appeal hearings will also be conducted with assistance from state officials at Byrd’s office in the County Administration Building from May 6-10.
For more information, call 615-374-2553.