Why won’t the Tennessee reappraisal reflect current market conditions?
Understanding the impact of the value cap on your 2021 reappraisal
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Your property’s new value will be a cap on the assessed value until the next reappraisal cycle. Even though the pandemic has depressed property values for 2020 and most likely through 2021, assessors are going to be cautious of setting a low value for the upcoming cycle.
Don’t panic and focus on being proactive if you feel that your property is over assessed. Despite the reappraisal cycle, property owner’s still have the right to appeal their assessed value each year.
The reason is, if the market bounces back, the assessor cannot raise your value above that cap until the next reappraisal.