Questions arise regarding rising Hamilton County property values
CHATTANOOGA, Tenn. (WDEF) – It’s no secret that real estate in Hamilton County is booming.
“There’s not a better time to ever sell your house and there’s not a worse time to try to find a house,” says local realtor and county commissioner, Greg Martin.
Final property reappraisals were mailed out to property owners last month – they show a 27 percent jump for the typical home price over the last four years.
“Between 2019 and 2020 we had over 13,000 sales across Hamilton County, which is normally what we see in a four year period. We had that in a two year period,” says Hamilton County Assessor Marty Haynes.
Now, Haynes says homeowners won’t stop calling. They’re concerned about their property taxes going up.
“We’ve had around 11 thousand at this point between emails and phone calls is ‘my taxes are going to go up, I’m okay with my value going up, I just don’t want to pay more in taxes,” Haynes says.
But according to Tennessee law, the Hamilton County Commission gets to set the property tax rate by vote, and taxes don’t increase with the assessments.
“Each local government, whether it’s a county, or again, Chattanooga, or one of the other towns in the county, they have to receive the same amount of property tax revenue for the next budget year that starts July 1st,” explains Haynes.
Haynes says the increasing property values have spurred a lot of conversation between homeowners wanting to know the assessments of their neighbors.
“Nothing will encourage folks to talk to their neighbors then to find out – well, how much did your value go up, what changes did you see? So it does spark a little bit of neighborhood conversation among folks.”