These pertain to various matters, including community events, public meetings, policy changes, safety announcements, government bids, and other important updates. We encourage you to read these notices carefully to stay informed about the latest developments and opportunities within our community.
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LAKE COUNTY REAPPRAISAL PROGRAM NEARS COMPLETION
Around Friday, April 19th, property owners in Lake County will receive a notice in the mail titled “Assessment Change Notice”, and an example of this notice can be seen below. This is not a tax bill. It reflects the market value of a property as determined during the countywide reappraisal program.
Property taxes are determined by applying the local tax rate to the assessment for each property. The tax rate is determined by each county and city governing body based on its budgetary needs.
The Lake County Assessor’s office and Division of Property Assessment staff will be available to discuss the new appraisals with property owners who have questions about their new values. If you plan to visit the Assessor’s office, please call ahead for an appointment. Staff from the Division of Property Assessments will also be present from 9:00AM – 3:00PM, Monday, April 22 through Friday, April 26. We ask that if you have a question regarding your commercial property, to please come on Thursday, April 25 as we will have commercial specialists from the Division of Property Assessments present on that day. You can also book an appointment online at: https://calendar.app.google/J7L3EFkZs2YPFzXZ8 Please see the schedule below. Property owners still in disagreement with the appraisal after meeting with the assessor’s office and Division of Property Assessment Staff may appeal to the Lake County Board of Equalization.
The Lake County Board of Equalization will meet beginning on June 3, 2024 to allow property owners who disagree with the new appraisal an opportunity to offer evidence supporting what they believe the actual value of their property to be. Property owners still dissatisfied with their appraisal after meeting with the Lake County Board of Equalization may then appeal to the State Board of Equalization.
According to T.C.A 67-5-1701, in the year of reappraisal, each taxing district must establish a tax rate referred to as the “Certified Tax Rate", which will generate the same total revenue as the previous year, thereby preventing governments from increasing revenues due to a reappraisal. The local governing bodies may, however, pass a tax increase by adopting a tax rate higher than the certified rate, but a public hearing must be held with the advertised intent of exceeding the certified rate in order to do so. A quick, informative video from the Comptroller’s Office regarding the Certified Tax Rate can be found here: https://comptroller.tn.gov/boards/state-board-of-equalization/sboe-resources/certified-tax-rate.html
Property owners with agriculture, forest, or open space land may be eligible for relief under what is commonly referred to as the Greenbelt Law. This law allows certain land to be taxed based on its present use instead of market value. Property owners should contact the Assessor’s office for assistance in filling out a “Greenbelt” application.
State law provides for property tax relief to certain low-income property owners age 65 or older, certain permanently and totally disabled homeowners an certain disabled veterans. Property owners should contact the county trustee or the city collecting official for details on the Property Tax Relief Program.
If you have any questions, please give our office a call at 731 – 253 – 7200 or stop by! Our office is in the back of the courthouse located at 229 Church Street in Tiptonville.