As property tax rates are set across Hamilton County, residents should soon have a better idea of how this year’s historic increase in property values could affect their wallets.
The median increase in value for homes was a record 57% in this year’s reappraisal, which assessed how values have changed from 2021.
(READ MORE: Base property tax rates set for Hamilton County cities, towns)
But Tennessee law prevents local governments from automatically profiting when property values go up. Following reappraisals, which happen every four years in Hamilton County, governments must set a “certified tax rate,” which allows a city, county or town to collect the same amount of revenue as the year before. Because of the increases in property values across the county, these rates are lower than last year’s.