Commission adopts four-year reappraisal cycle, citing large revenue swings from ratio studies

Keith Deal presented a proposal to change Hamblen County’s property reappraisal plan from a five-year cycle to a four-year cycle with a cost-value update (CVU) or indexing in year two. Deal said the change is being encouraged by the state comptroller and noted that many counties are moving away from the five-year ratio study approach.

Deal cited past ratio-study results and the revenue implications: he said the 2022 ratio study produced an estimated $977,000 of lost revenue when applied to personal property; in 2023 the loss was $1,143,000; and a 2024 ratio produced about $2,036,000 in lost revenue. He said moving to a four-year cycle with indexing would smooth those impacts for taxpayers and government budgeting.

The committee moved (Miss Ahern) and seconded to adopt the four-year reappraisal plan with indexing; after a committee roll call the motion carried with committee members recorded as voting yes. The committee also approved a resolution authorizing the continuous four-year reappraisal cycle and approved a memorandum of understanding with the state Division of Property Assessments to implement the change.

Supporters said the change should reduce sudden, large valuation shifts that can destabilize county budgets and taxpayer bills, while opponents sought clarification on sectoral effects (personal property, industrial equipment) and timing for reappraisal work.