Rising Property Taxes in Tennessee Counties: Understanding the Impact and Solutions
The 2023 Pork Report was released this week for the state of Tennessee and it had a lot of pertinent information regarding the raising of property taxes that have been impacting jurisdictions across the state.
According to Erin McCullough at WKRN, "The report said the state’s lack of a property tax cap has left Tennesseans feeling the “burden of huge increases in their property tax bill.”
Citing significant increases in Rutherford, Greene, and Lincoln counties, the report said there was “no limit on how high local governments can go when it comes to raising property taxes.”
Rutherford County approved a 16% increase in property tax rates, while Lincoln County raised them by 37%. The largest increase cited in the report was from just outside Chattanooga, where Red Bank raised property tax rates 52%.
“All across the state, local governments, both rural and urban, are passing massive property tax hikes instead of getting their financial health in order,” the report states. “Even small increases tied with sky-high assessments leave residents with less of their hard-earned dollars."
The Beacon Center suggests state lawmakers offer the same protections to Tennesseans that 46 other states offer their residents: property tax caps."
Contracting with a property tax consultant like The Aegis Group can be a strategic move for Tennessee residents facing escalating property taxes. Our consultants possess specialized knowledge of local tax laws and valuation methodologies, enabling us to meticulously assess property values and challenge assessments when necessary. By leveraging our expertise, Tennesseans can navigate the complexities of tax regulations, identify potential overvaluations, and effectively appeal assessments. This proactive approach empowers property owners to potentially decrease their tax burden, providing a means to offset the impact of soaring rates across various jurisdictions in the state.