For the first time in history the total assessed value of property in Rutherford County passes $7 Billion dollars. Growth in the county has been evident and substantial over the past four years since the last revaluation in 2017. In 2018 the Rutherford County Property Assessor's Office will equalize all values and bring the property to "market" value. Assessor Rob Mitchell said in an email, "The more effectively we do this ; the more evenly the tax burden is distributed amongst everyone." This allows a lower tax rate to be set by your County Commission or City administrators, Alderman and/or Councilmen.
Western and Northern Rutherford County have experienced great growth as is evidenced by the building of new schools within those areas to address these challenges. In 2018 every property owner will receive an Assessment Change Notice. That notice will inform the owner of the value which will be placed on property for taxation purposes.
Your appraised value is not the value you will pay taxes on though. In Tennessee we are a "Fractional Assessment" value state. In Tennessee you will only be assessed for tax purposes on a fraction of the appraised value. Residential Property, Farm and Vacant land is assessed at 25% of its appraised value, commercial is assessed at 40% of appraised value and tangible personal business property is assessed at 30% of its appraised value.
Mitchell further said in an email on Thursday, "We have prepared a short presentation to share information with you regarding the upcoming 2018 Rutherford County Reappraisal." There is a lot of information available but the bottom line is: property is in great demand and values are going up. Success can be a double edged sword. Staying informed is the best tool a citizen has and we will do everything we can to help everyone understand the process and alleviate any concerns.
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