Homeowners spruce up and sometimes make major repairs/upgrades to homes before putting them on the market because they want to sell for the best price. If true, that drives up real estate values. “I figure a house sells for about 10 percent more than neighboring houses are worth,” he says. Whitehead had another interesting theory about using comparable sales to set values (a practice required by state auditors). “The only way middle-class people can afford a house is to inherit it.” We become a nation of renters rather than homeowners. So-called starter homes disappear as young couples are priced out of the market. “Then we lose the American Dream,” says Whitehead. What if Red, White & Blue is a front for Chinese money, buying homes to rent in targeted areas? That means no inspections, no pesky repairs, no delay in closing and no risk the bank won’t qualify your buyer. Say a company named Red, White & Blue Realty offers cash 15 percent over asking price the day your house comes on the market. He says “as long as the housing shortage is there,” real estate values will continue to soar. And he talks with others in the industry.

He has achieved the highest designations offered by the International Association of Assessing Officers. Whitehead said a few properties went up 70 percent, but countywide the increase was 40 percent.Ī typical homeowner in Powell, whose previous appraisal was 234,500, got a new appraisal of 281,600 – an increase of $47,100 or roughly 20 percent.

If your increase is greater than 50 percent, your taxes likely will go up. If your increase is less than 30 percent, odds are your actual taxes will go down. Whitehead said the magic number is 38-40 percent. The previous reappraisal was in 2017 and the next will be 2026.)īut that doesn’t mean individual property taxes won’t change. “And remember, the new appraisal reflects growth in value over the past five years.” (Knox has been on a five-year cycle, but is returning to a four-year cycle. “Knox County cannot make money (on the new appraisals),” he said. To be clear on how that works, we contacted Property Assessor John Whitehead. Knox County Commission is required by law to adjust the tax rate to make the new appraisals revenue neutral. Declare war on all conniving politicians who are trying to raise your taxes.īright yellow notices of appraisal went out last week, reflecting the market reality that real estate values have never been higher.Matt highlights the key governmental offices involved and the general procedure of tax assessment and collection, followed by a discussion of the delinquent tax suit and sale.Your biggest investment suddenly doubles in value. There is a general lack of assistance for taxpayers and purchasers alike.īSM attorney, Matt McDonald, has created an article intended to serve as an introductory guide and resource to shed light on this process. For purchasers, the process of purchasing property and taking possession can also have its own frustrations. It can be a confusing and anxiety-producing process for those faced with losing their property. Despite its far-reaching effects, the tax sale is somewhat of a mystery to many. The tax suit and tax sale affect numerous citizens and their families each year. With several hundred parcels currently in the upcoming sale, including numerous commercial properties, this sale will offer a wide variety of properties for purchase throughout Knox County. The Knox County, Tennessee government is preparing for what is anticipated to be one of the largest delinquent property tax sales in recent history.

Knox county property tax