Why Are Reappraisals Necessary?

Overview

Reappraisals keep our property tax system fair. It’s that simple. The State of Tennessee requires All County Assessor's of Property to conduct mass reappraisals every four to six years; Madison County has been on a four (4) year reappraisal cycle since 2010 however, we will change to a five (5) year cycle. The next reappraisal year will be 2027.

This year 2022 is the Reappraisal Year for Madison County, TN

Reappraisals allow the Assessor to adjust property values so that every property in Madison County is appraised at 100% fair market value. January 1 of each Reappraisal year is the only day property is appraised at 100% of Fair Market Value

Reappraisal eliminates inequities that are created over time by changes in the real estate market, ensuring fairness and equity for all property owners. Over time, a property’s fair market value can increase or decrease. If the Assessor’s record of a property’s fair market value does not change some people could pay too much in property taxes, while others could pay too little.

For the current 2022 Reappraisal, qualified sales that occurred in 2019, 2020 and 2021 will be evaluated and the greatest weight will be given to the 2021 sales.

Property Values in A Reappraisal Year

The state’s Truth in Taxation law requires the local legislative bodies (County Commission & City Council) adjust the tax rate to a “certified tax rate” that brings in the same amount of revenue as the year before reappraisal, excluding new construction.

The certified tax rate, prevents local governments from experiencing a financial windfall in reappraisal years at the expense of property owners.

EXAMPLE: Before the 2010 reappraisal the tax rate for Madison County was 2.31%. After reappraisal the overall appraised value of Madison County increase and the tax rate was lowered to 2.15%. Also, the tax rate for the City of Jackson was 2.10% and was lowered to 1.97%

2021 Tax Rates: Madison County 2.35%; City of Jackson 1.9619%; Three Way .5536%

2020 TAX RATE: Madison County 2.35%; City of Jackson 1.9619%; Three Way .5536%

2019 TAX RATE: Madison County 2.35%; City of Jackson 1.9619%; Three Way .5536%    

For more information regarding Reappraisal, please contact 

the Assessor's Office at (731) 423-6063.


Assessor's Staff Responsibilities

Between reappraisal cycles, the Assessor's staff:

  • Visually inspects all property in Madison County either physically or via Aerial Photography to ensure  the Assessor’s assessment records reflect each property’s actual characteristics, such as:
    • Square footage
    • Story height
    • Exterior wall type
    • Garage, carport, detached buildings, pools and other structures
  • Verifies all property deed transfers as they occur in the market place; verifying each sale in order to ensure it is an arm’s-length transaction. These qualified sales are recorded in a sales files to compare to properties of similar size, age, location, and description to help establish fair and equitable property values.

The 2022 Assessment Change Notices are scheduled to be mailed June 29, 2022

 

NOTICE

Pursuant to T.C.A. § 67-5-508, the property assessment records of Madison County will be available for public inspection at the Assessor of Property’s office, in the County Courthouse 3rd Floor- Ste. 304 between 8:30 am – 5:00 pm. Any person desiring to inspect these records may do so at the appointed time and place.

The Madison County Board of Equalization will begin its annual session to examine and equalize the county assessments on June 1, 2022. THE BOARD WILL ACCEPT APPEALS FOR TAX YEAR 2022 ONLY. Appeals will be heard WEEKDAYS BY APPOINTMENT ONLY from JULY 18, 2022 to JULY 29, 2022 in the basement conference room in the Madison County Courthouse. 

For an Appointment call (731) 423-6100.

Any owner of property, who wishes to make a complaint or appeal to the County Board of Equalization, must appear before said Board at this time personally or by personal appearance of a co-owner or agent for the owner bearing the owner’s written authorization.

Pursuant to T.C.A. § 67-5-1407(d), the following documents are requested for all income producing properties for the past 3 calendar years.

• Lease Agreements and Rent Roll

• Detailed Income & Expenses

• Appraisal Reports

• Sales Contracts

• Closing Statements

• Construction Cost Documentation

Failure, refusal or negligence to supply the requested data, in a timely manner, will result in the forfeiture of the owner's right to introduce the requested information on appeal to the State Board of Equalization.