The Knox County Property Assessor' Office at 8 a.m. tomorrow is expected to post online the results from the latest reappraisal.
In addition, the department will begin looking into informal appeals, which property owners can also begin filing in the morning.
County Property Assessor Phil Ballard said the new values will be available on his department's website, right smack here.
He said those who question the values can appeal online or call (865) 215-2006. He said folks also can appeal in person at offices in either New Harvest Park, downtown or the Cedar Bluff library. More instructions will be on the printed notices, which will go out within a day or two.
The informal appeals process runs through May 3. The county's Board of Equalization will then hear appeals throughout June.
State law requires the assessor’s office to estimate a value for each of the 193,437 real parcels in Knox County.
Property is then taxed on the basis of its assessed value, which — for residential property — is equal to 25 percent of the appraised value. In Knox County, the current property tax rate is $2.36 per $100 of assessed value.
However, the reappraisal, which takes place very four years, must be revenue-neutral.
Ballard said overall values for all assessed property, including residential, commercial and agricultural – not counting new construction – rose 2.86 percent. That means, the Knox County Commission will more than likely roll back the value to $2.29, or it must conduct public hearings before adopting a higher tax rate.
Four years ago, reappraisal sparked an outcry from property owners after residential appraisals rose by an average of 15.8 percent from 2005 to 2009. Many felt the appraisals were too high given the ongoing national recession, which was driven, in part by falling property values.