News Talk 94.1/AM 1600 Where The Upper Cumberland Talks
Overton County property owners should receive their updated property tax rate later this month.
The County Board of Equalization held their first meeting Monday. Assessor of Property Cara Boone said the board will continue until June 12.
“Every five years the state comes in to bring in new values,” Boone said. “You are supposed to pay taxes on what is called ‘market value,’ and the market changes year by year. They only come in every five years to see what the market is doing at that time.”
Boone said she believes the tax rate will decrease, but nothing will be set until after the County Board adjourns. She said it’ll be up to the county executive and commissioners whether or not they adopt the certified rate set by the state.
“We have to look at the properties year by year,” Boone said. “This reappraisal is how the property was as of January 2020. We can’t look backward, and we only have to assess what is actually on the property January 1 of this year, that’s what the state looks at.”
Values are calculated by the Comptroller of the Treasury Division of Property Assessments. Boone said it’s an unfortunate time of year to finish the process, but it must be done to remain in accordance to state laws.
