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…]