Everything about Hamilton County’s new tax assessment and rates.
Most of you should’ve gotten a love letter in the mail from Hamilton County. This is your tax assessment, and I wanted to talk a little bit more about them.
Four pieces of information will be specific to your home: the current appraisal, the previous appraisal, the current assessment, and the previous assessment. You’ll notice that the current appraisal is the higher of the two. They run the assessments every four years in Hamilton County, and in that time property values have gone up roughly 25%.
Your house may have gone up more or less than a house across town, so everyone’s tax increase (or maybe decrease) will be different. The Chattanooga Times Free Press reported that Hamilton County has decided to use the new certified tax rate, which is the rate of tax per every hundred dollars of value. They lowered this rate from 2.7% to 2.2%, so despite home values increasing, your tax probably hasn’t changed that much.
I know in my case, I took that new rate, multiplied it by my new assessed value, and the result was roughly the same as I had been paying. However, I don’t pay any city taxes on my home, and it sounds like Chattanooga is considering staying at their old rate of 2.27%, meaning city taxes will likely increase.
Red Bank is discussing coming up with their own rate in between the old rate and the certified tax rate. The new number should be around $1.10 per hundred dollars of value, up from $0.99.
If you have any questions about all of this, feel free to give me a call. It’s a bit complicated, but once you get the hang of it, I think you’ll feel a bit better about the new assessment. Don’t hesitate to reach out if you have any real estate-related questions either. My number is 423-774-2965. I look forward to hearing from you.