![]() ![]() That could impact budgets for longstanding homeowners as well as the millions of first-time buyers who snapped up property during the pandemic. That means property taxes could soon reflect the higher home valuations, according to the firm. Even so, property taxes have lagged home prices, with the former rising less than 2% last year while single-family home values jumped 16%, Attom said. It's the sticker shock." Record property taxesĪverage property tax payments hit record highs last year in some counties, according to an April report by Attom Data Solutions, a real estate data firm. "A lot of them, their complaint was that it went up too much - some went up 50%, some 100% or more - and the complaint was it just went up too much at one time, and I understand that. "We had about 10,000 appeals" out of about 210,000 property parcels after the county sent out its new appraisals, he added. Values in the county, which is home to the city of Knoxville, rose by an average of 40% in the new assessment. Some homeowners are now getting "sticker shock" when they receive new property assessments, according to John Whitehead, the property assessor of Knox County in Tennessee, which in April sent out new property assessments to its residents, its first in five years. That means homeowners are just now seeing the real estate boom reflected in their tax bills. Additionally, you will find links to contact information for the local officials.Cities and counties typically reassess property values every year or two, although some regions have gaps of several years between reassessments. Different local officials are also involved and the proper office to contact in each stage of the property tax cycle will be identified. Various sections will be devoted to major topics such as: the assessment of property, setting property tax rates and the billing and collection process. In an effort to assist property owners understand the administration of the property tax in Kentucky, this website will provide you with information that explains the various components of the property tax system. ![]()
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