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Roane reappraisals show 3.47 percent assessment drop; OR tax rate calculated at $2.52

Posted at 12:15 pm July 16, 2015
By John Huotari Leave a Comment

Jason Mumpower

Jason Mumpower

Note: This story was last updated at 5 p.m.

Roane County properties showed an overall 3.47 percent drop in assessed values in the five-year reappraisal process taken over by state officials this year, and the tax-neutral property tax rate in the City of Oak Ridge has been calculated at $2.52, the Tennessee Comptroller’s Office announced Thursday.

The tax-neutral rate is up from the current $2.39 per $100 of assessed value, a 13-cent increase.

Separately, the Oak Ridge City Council has been asked to consider a tax rate increase of up to eight cents, with a one-cent increase requested by the municipal staff and a seven-cent increase requested by the Oak Ridge Board of Education. The one-cent increase would help maintain city services and allow for a 2 percent pay raise for city employees, and the seven-cent increase would help cover a deficit and add money for salaries and staff, including a 3 percent pay raise.

Any tax increase, if approved by city officials, would be in addition to the tax-neutral rate calculated by the state. Each additional cent on the property tax rate generates about another $90,000 in revenue. A one-cent increase would cost the owner of a $145,000 house another $3.63 per year. An eight-cent increase could cost that homeowner another $29 per year. [Read more…]

Filed Under: Front Page News, Government, Meetings and Events, Oak Ridge, Roane County, State, Top Stories Tagged With: Anderson County, Anderson County Commission, Anderson County Schools, assessed value, budget, City of Oak Ridge, Division of Property Assessments, Jason Mumpower, Mark Watson, Oak Ridge Board of Education, Oak Ridge City Council, pay raise, property tax rate, reappraisal, Roane County, Roane County Commission, Roane County property assessor, Roane County reappraisals, State Board of Equalization, tax rate, Tennessee Comptroller's Office

Property values decreasing, some Oak Ridge homes selling for much less than appraised values, county board says

Posted at 1:09 pm July 31, 2013
By John Huotari 11 Comments

Anderson County Aerial View

An aerial view of Anderson County north of Oak Ridge.

Anderson County property values are decreasing to less than about 85 percent of their appraised values, and Oak Ridge appears to have several types of property that are selling for much less than their state appraisals, including older, low-priced homes and high-priced, high-quality homes, officials said.

All land tracts in the county also appear to be selling for much less than their state appraisals, the Anderson County Board of Equalization told Anderson County Mayor Terry Frank and county commissioners in a July 15 letter.

The board said the Oak Ridge properties selling for much less than their appraised values include low-priced homes built during the Manhattan Project era in World War II and high-priced, high-quality homes that are now unaffordable for most working-class employees. The Oak Ridge properties, as well as land tracts in Anderson County, appear to be selling at about 70 to 85 percent of the state appraised values. [Read more…]

Filed Under: Anderson County, Anderson County, Business, Government, Oak Ridge, Top Stories Tagged With: Anderson County, Anderson County Board of Equalization, Anderson County commissioners, Anderson County mayor, appraised values, assessed value, decreasing value, Don Butler, economic downturn, high-priced homes, homes, Jack Rains, James Ferguson, Larry Disney, Leonard Abbatiello, low-priced homes, Oak Ridge, property values, residential building permits, sales, state appraisals, Tennessee State Appraisal Office, Terry Frank

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