If you are among the 1/3 of Polk Countians who read the Polk County News, you already know that the recent notice about property assessment changes doesn’t mean you are going to have to pay more in property taxes.
But if you are among the 2/3 of those that don’t read their local newspaper, then you may have misinterpreted the recent letter fro the property assessors office to mean that your taxes are going up even though the letter specifically stated that “This is not a tax bill”.
As one might expect, social media blew it’s top last week when the notices arrived in the mail resulting in arguments, name calling, and blatant misinformation.
The Polk County news first reported the facts in the November 24, 2022 issue titled “Pankey says property appraisals going ups but property tax bills should be the same.
The article read verbatim as follows and still rings true today.
Polk’s Property Assessor Jason Pankey headlined the monthly meeting of the Copperhill City Council last week. He was there to help explain what folks should expect when they get their reappraisals later this Spring..
Pankey said Polk properties underwent mandatory re-appraisals every 5 years with the last one being in 2018.
“Real estate prices have sky rocketed so the bottom line is it is likely your appraisals will go up” Pankey said, and explained how the current assessments are likely to increase as property values are brought in line with property sales on the market.
The increased property values won’t mean a tax windfall for the county though. The state will automatically reset the tax rate to reflect the new values resulting in little to no increase in anyone’s property tax bill. Pankey said any substantial increase in a persons bill would be due to if they have added any improvements to the property.
Pankey went on to explain that during a reappraisal year, the county commission could not raise the property tax rate without jumping through a few hoops including hosting public forums for feedback from citizens.
After the first tax cycle following a reappraisal year, the commission can raise the property tax rate using regular procedure.
Pankey spoke for a few minutes about the market activity he is seeing across Polk County. “We are seeing all kinds of crazy stuff, everyone wants to move to Polk County and Californians and Washingtonians seem to be leading the charge.”
He explained how retirement strategies from people out West was to sell their house for 2.5 million and buy a similar one here for 1 million while keeping the extra in their pocket. “It is driving prices up” Pankey said.
He added that it should be a concern that local families wont be able to compete in a bidding war with going up against that much out of town cash. “Our local population doesn’t have the same means as people from California”
Pankey said the new appraisal notices will be mailed out in March and if anyone has any questions they can call the Property Assessor’s Office. Property owners can also appeal their assessment to the county equal- ization board which meets in June.
Contact the Assessors office for more info.
Pankey issued another public statement this week which read: A LETTER TO POLK COUNTY CITIZENS REGARDING 2023 REAPPRAISAL
As most of the public knows, POLK COUNTY has just completed our 5-year reappraisal.
The prior reappraisal was tax year 2018. In the coming days, property owners will be receiving a 2023 REAPPRAISAL NOTICE in the mail. There are a few things the Assessor of Property would like everyone to understand
The REAPPRAISAL NOTICE is NOT a TAX BILL. The notice is simply designed to inform you of the newly reappraised property value.
We have experienced an unprecedented real estate market, causing values to substantially increase in the past 5 years.
Reappraisal is revenue neutral for our county. This means the reappraisal is not a revenue gain for our county. The intent of reappraisal is to bring tax appraisals in line with current market values.
The Polk County Board of Equalization meets throughout the month of June. Property owners have the right to appeal the new appraised property value.
You are always welcome in my office. My staff and I value your opinions, ideas, questions and/or concerns. We work hard to educate the public on the appraisal process and procedures. Please do not hesitate to contact our office with questions and concerns.
We are located at 6239 Hwy 411, Benton, TN 37307, Room #209, 2nd Floor, Polk County Courthouse. Phone number (423) 338-4505 or landline (423) 338-4596.
Thank you. Jason Pankey, Polk County Property Assessor
Now go forth and help spread the word to the masses that property taxes are not increasing and give our property assessor a break, even if you don’t like him.