Property assessments up in Knox County

April 13, 2017: Property assessments are out in Knox County, with the average assessment increasing by 10 to 11 percent.

Property assessments in Knox County are on the rise with a 10 or 11 percent average increase in the last four years. 

The property assessments show the old and new value of your home. 

Knox County Property Assessor John Whitehead said most peoples' assessments went up and very few went down. 

"The real estate market in Knoxville has really begun to take off in Knox County, and that's commercial and residential," Whitehead said. "So there has been a little bit of an increase, especially over the last two years." 

The property tax rate is adjusted based on the average increase countywide. This means people whose property assessment increase by the average 10-11 percent rate will break even or pay about the same. People with higher percentage increases in property tax rates will pay more. 

"If it goes up 20 percent, that doesn't mean their tax is going up 20 percent," Whitehead said. "Taxes may go up seven or eight percent."
 
Whitehead said the average increase is about on par with previous assessment increases in the county, except when the economy tanked in 2008. 

Now, he said he considers Knox County to be a seller's market for homes, which is increasing home values in desirable areas, such as West Knoxville. 

MORE: Knoxville housing market short supply is great news for sellers and landlords

George Wallace, a broker and owner of Coldwell Banker Wallace & Wallace, Realtors, said he sees the increase in property assessments as a healthy sign that the real estate market is bouncing back from the recession. 

"I am hearing that people are getting assessments from as little as five percent," Wallace said. "I've heard some as high as 30 percent." 

He said the biggest problem he faces now is a lack of inventory on the market for the number of people wanting to buy. 

"Those that are getting a loan and need to sell their house or want to sell their house, they've got an opportunity," Wallace said. "It's selling for a higher price today than it was eight years ago, and that's got to be a good thing." 

If you have a problem with your property assessment, you can apply to make an appeal through April 29 with the Knox County Property Assessor's office

Whitehead said it is easier for people to make a case to appeal the property assessment if they can present a recent sale price for the home, a recent appraisal or refinance or other sales in the same neighborhood. 

© 2017 WBIR.COM


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