tennessee property assessment

If an administrative judge or hearing officer hears a case alone, the administrative judge or hearing officer must render an initial order (ruling), which becomes a final order unless reviewed by the State Board of Equalization.

Highway Department: 423-623-3251, Cocke County Partnership  This assessment would likely be less than the price of the property if it could be developed as commercial or residential property. In Tennessee, for purposes of taxation, all property is divided into three classes: (1) real property, (2) tangible personal property, and (3) intangible personal property. The Assessor of Property then turns the roll over to local taxing authorities. In other words, it is used by investors to calculate how much a series of future payments or receipts is worth as a current single lump sum value. For property assessment purposes, the economic life of a tangible asset is how long it is expected to contribute positively to the value of the total property. The description may be in words or codes, such as coordinates. Whether built new, recently modified, or destroyed, the assessor’s office is responsible for maintaining accurate records on all assessable structures. An improvement is anything done to raw land with the intention of increasing its value. Mineral rights are rights to extract ore, petroleum, or other minerals from a property. Property Assessor is not affiliated with any government agency. In Tennessee, liens are given to a third party in a deed of trust, which outlines the agreement between lender and borrower. Only organizations or businesses that provide health, education, or housing benefits to the municipality are eligible to enter into PILOT agreements with HEHBs. To assess is to value property for the purpose of taxation. A property line is the boundary line that defines a lot or parcel of land. Forest lands are assessed at use value (i.e., the property’s current use) as opposed to market value. Non-exempt common carriers are examples of public utility property designated by Tennessee statute for central assessment by the Comptroller’s Office of State Assessed Properties rather than county assessors of property. Gas exploration and production companies may make cash payments to producers to finance exploration for gas. The principle of contribution requires an appraiser to measure the value of any improvement to a property by the amount it contributes to market value, not by the cost of the improvement itself. Personal property is an asset owned or leased by a taxpayer and used for business or a profession. Vivian Michael Wilhoite is a native of Gulfport, Mississippi, who came to Nashville to attend Tennessee State University (TSU). Amortization is the systematic allocation of the cost of an intangible asset (e.g., patent, trademark, or computer software) over its useful life. These restrictions are due to contractual obligations, such as easements, condominium controls, or subdivision restrictions. When a property owner sells his property using a warranty deed, he warrants that he owns the property and has the right to convey it to the buyer. In Tennessee, ratio studies are compiled and analyzed to create the appraisal ratio report, which is published by the Comptroller’s Division of Property Assessments. Go to Home | Tennessee Comptroller of the Treasury, Understanding Tennessee Property Assessments, To Report Fraud, Waste & Abuse: Submit a report online here or call the toll-free hotline at 1.800.232.5454. For example, a family farm would be assessed based on the use of the property as a farm, not based on the higher price the property would sell for if purchased for commercial development.

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