Property reappraisals underway
Article Author: Emily Dilbeck
This year the Assessor of Property’s Office will be reappraising all of Polk County. Reappraisal occurs on a five-year rotation, with the first four years being used to appraise 25% of property each year.
Randy Yates, Assessor of Property, says that his office will be working overtime to value every building, home, plot of land, etc. within Polk County. Yates explained that he has already started to look property owned by the biggest landowners in the area, including the Copper Mine and Water Company, along with those in the highest tax bracket. The Assessor’s Office will attempt to evaluate all property in person, but Yates says he’s worried his small office can’t handle huge volume. Yates recently asked the Polk County Budget Committee for funds to hire a part-time assistant, but no decision has been formalized yet (see related article).
Yates will also utilize a GSI mapping program that allows him to remotely view property by satellite. While this program is helpful, Yates says he would rather make physical assessments of property, as this would limit errors and allow for a better determination of value.
Yates also explained that, if the County Commission decides to, property taxes may be raised next year to reflect the possible lowering of property value. As property values go down and growth goes up, a higher tax rate will be needed to cover the difference and keep the county operating on the same budget. The current rate is 2.18%, but any increase in taxes would likely average out for taxpayers. That is, while the rate might appear higher on paper, it is actually the same percent per dollar of previous years, as land value and growth have changed proportionally.
Yates said he is pleased with the recent spike in housing sales, and that several recent sales have included homes selling for over half a million dollars. He hopes that these “free-and-clear” sales, with no liens, will aid in property value. Yates also reported that several banks have bought subdivisions in foreclosure, and have paid back delinquent property taxes that amount to hundreds of thousands of dollars. This influx of money has been a boon to Polk County.
Polk County News | P.O.
Box 129 | 3 Main Street | Benton TN 37307
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