How is a newly constructed or otherwise altered property appraised?
According to Tennessee State law, the Assessor's Office must appraise property to reflect its condition as of January 1 of each tax year. However, the Assessor's Office must revalue the property when the construction of an improvement, addition, or demolition is completed prior to September 1 of any tax year.
To revalue a modified property, a staff of professionally trained appraisers:
- Reviews and verifies permits relating to the property.
- Compares physical structure to permit.
- Carefully measures outside perimeter of the structure.
- Sketches footprint of the structure.
- Sections out porches, patios, garages, and unfinished areas because they are computed at a different rate from heated areas.
- Makes special notes of exterior wall material, fireplaces, roof structure, story height, bedrooms, bathrooms and any of the additional features.
- Transfers all measurements, notes and preliminary sketches to a Property Record Card and the CAMA system.
- Reviews recent comparable sales data in neighborhood.
- Values property and classifies it to ensure that the proper assessment is applied.
- Issues a prorated assessment if the structure is completed before September 1 or a partial assessment if the structure is not completed before January 1.