(WBIR - Anderson Co.) The housing market may be slowly rebounding, but officials in Anderson County say that's not the case for many homes there.
The county finished its appraisal hearings for the year last month. Their research shows many properties are decreasing to less than 85 percent of their appraised values.
The areas most affected include large land tracts in the county. In the city of Oak Ridge, the problem is noticeable at higher quality and higher priced homes, as well as homes from the Manhattan Project era.
Mayor Terry Frank believes one reason for the decline may be a lack of growth in the county. She says it is possible the tax rate could be affected.
"Yes it is possible, but when you're given a warning, and I know some folks may even be upset with the Board of Equalization for writing such a cautionary letter, but I'm thankful for it. Because in order to deal with it, we have to know what the problem is," she said.
Mayor Frank believes growth in the county will help with declining value issues.
The county's reappraisal will happen some time in 2015.