Per state law cities and counties are required to lower their tax rate in a reappraisal year so that they are revenue neutral. Some folks will pay less and some will pay more in that year, but the county can not collect any more tax dollars than the year before. You will have to find out what the average increase percentage is for the county as a whole, then you will know the exact damage. For example, if the average increase is 48%, then folks above that will pay more and folks below will pay less. Nikki it will not be a full 71% in your case. On the other hand, they are allowed to change that tax rate the following year.
One other comment to this, TN is one of four states that does not have a state imposed limitation on property taxes, New Hampshire, Vermont, and Hawaii are the other three. I moved from New Hampshire in 1989 because it was not affordable to work in NH and own property there, my folks came south as well. People that were buying up property were those that had previously lived in Boston and commuted to NH for work, NH is a small state and this was common practice. I think we are seeing much of the same thing here.
Nikki, I was poo-poo’d last year when I mentioned this could be a slippery slope of these skyrocketing housing costs. Not only were they opening a door to there being shortages of homes that our teachers could afford, in essence could be creating an even larger teacher shortage, as well as bus drivers, (again, already have shortages there as well), but it will get to the point where White House (both counties) will have no middle or lower income families. My husband and I were looking to downsize a year ago but after really taking a good look we realizes there wasn’t anywhere we could afford to go, so we would have to ride it out and pray.
I’m not sure why they would jump to reassess house values while the market is still adjusting, why not let it settle and then look to raise, since those assessors generally don’t reappraise every 4,5, or 6 years. It concerns me that TN is one of four states without a cap on property tax increases. Look what happened in Nashville when Mayor Cooper raised taxes 34%. There was a mass exodus. I was under the impression that just because properties are appraised higher, that the public would still be required to vote a new property tax in. I might be wrong there but it’s worth checking out.
I am concerned that many people like myself will not be able to continue to live here and that won’t fair well for schools. We don’t have deep roots, although have 1 child here, the other moved to another area more affordable, but we don’t have children at home. That could be good for the towns economy because we have more income to lend supporting business locally, but we are also older, with retirement around the corner, buying a property that is inflated due to the housing boom isn’t a smart move for us, so moving out of the area might be the better option. My biggest concern here is that we are pushing people out farther which is why there is a need for a new school. If they aren’t careful, they won’t have teachers to fill it.
I received a letter accompanying my 70% hike in appraisal stating that state law requires that the tax rate be lowered so that reappraisals don’t result in a higher windfall to the county. We shall see.
If you attended the school board vote no onsfor charter schools, free schools, not bought or built with taxpayers money you would have heard several reasons why it was voted down. Discriminates against poor people who lack transportation to get kids to school, Teachers salaries would be Below what current county Teachers Union employees are paid, Lower standards for students achievement? These were some of the highlights for not allowing optional education. Nothing was said about the money follows the student and those choosing private schools would be leaving with their dollars also. So the voters were given No choice to even try an alternative PUBLIC Education, and you will pay and pay dearly for new schools.
Per state law cities and counties are required to lower their tax rate in a reappraisal year so that they are revenue neutral. Some folks will pay less and some will pay more in that year, but the county can not collect any more tax dollars than the year before. You will have to find out what the average increase percentage is for the county as a whole, then you will know the exact damage. For example, if the average increase is 48%, then folks above that will pay more and folks below will pay less. Nikki it will not be a full 71% in your case. On the other hand, they are allowed to change that tax rate the following year.
One other comment to this, TN is one of four states that does not have a state imposed limitation on property taxes, New Hampshire, Vermont, and Hawaii are the other three. I moved from New Hampshire in 1989 because it was not affordable to work in NH and own property there, my folks came south as well. People that were buying up property were those that had previously lived in Boston and commuted to NH for work, NH is a small state and this was common practice. I think we are seeing much of the same thing here.
Nikki, I was poo-poo’d last year when I mentioned this could be a slippery slope of these skyrocketing housing costs. Not only were they opening a door to there being shortages of homes that our teachers could afford, in essence could be creating an even larger teacher shortage, as well as bus drivers, (again, already have shortages there as well), but it will get to the point where White House (both counties) will have no middle or lower income families. My husband and I were looking to downsize a year ago but after really taking a good look we realizes there wasn’t anywhere we could afford to go, so we would have to ride it out and pray.
I’m not sure why they would jump to reassess house values while the market is still adjusting, why not let it settle and then look to raise, since those assessors generally don’t reappraise every 4,5, or 6 years. It concerns me that TN is one of four states without a cap on property tax increases. Look what happened in Nashville when Mayor Cooper raised taxes 34%. There was a mass exodus. I was under the impression that just because properties are appraised higher, that the public would still be required to vote a new property tax in. I might be wrong there but it’s worth checking out.
I am concerned that many people like myself will not be able to continue to live here and that won’t fair well for schools. We don’t have deep roots, although have 1 child here, the other moved to another area more affordable, but we don’t have children at home. That could be good for the towns economy because we have more income to lend supporting business locally, but we are also older, with retirement around the corner, buying a property that is inflated due to the housing boom isn’t a smart move for us, so moving out of the area might be the better option. My biggest concern here is that we are pushing people out farther which is why there is a need for a new school. If they aren’t careful, they won’t have teachers to fill it.
This is all the doing of the greater Nashville Regional board of some sort. They are pushing the growth out into the suburbs.
Or still fallout of homeowners attempting to get some distance from Mayor Cooper after his 34% increase!
I received a letter accompanying my 70% hike in appraisal stating that state law requires that the tax rate be lowered so that reappraisals don’t result in a higher windfall to the county. We shall see.
If you attended the school board vote no onsfor charter schools, free schools, not bought or built with taxpayers money you would have heard several reasons why it was voted down. Discriminates against poor people who lack transportation to get kids to school, Teachers salaries would be Below what current county Teachers Union employees are paid, Lower standards for students achievement? These were some of the highlights for not allowing optional education. Nothing was said about the money follows the student and those choosing private schools would be leaving with their dollars also. So the voters were given No choice to even try an alternative PUBLIC Education, and you will pay and pay dearly for new schools.