Montgomery County, TN – In May, the Montgomery County Assessor of Property Office will send property owners a postcard value change notification via the US Postal Service.
The notifications represent the market value and assessment classification for the 2024 revaluation year for all properties in Montgomery County.
Cyclical revaluations are a State of TN requirement for all 95 counties. In Tennessee, reappraisals are conducted on four, five, or six-year cycles. Montgomery County is on a five-year schedule with the last revaluation completed in 2019.
A county assessor’s main responsibility is to determine a property’s fair market value and classification rate as of the reappraisal year. Those values are then applied to a tax rate established by the County Commission and, if applicable, the City Council. Assessors do not collect taxes or determine a local property tax liability.
“It is my team’s responsibility to gather good data. We have conducted a visual inspection of every real property in Montgomery County over the last five years that shows the outside of a property. If there are issues inside the property, we are unaware unless the property owner brings it to our attention. Owners should contact us immediately if they disagree with their property value. We do not want anyone paying more or less or more than their fair share,” said Assessor of Property Erinne Hester.
Once the Montgomery County revaluation is approved by the Tennessee Division of Property Assessments, the new, equalized values will be published on the Montgomery County Assessor of Property webpage.
“The value increases will be significant because Montgomery County has not revalued since 2019, when the local market started its historic climb. This revaluation accounts for five years of market growth, not just the change from 2023 to 2024.
Reappraisal is a revenue-neutral process based on the historical capture of what has already happened and includes the amounts based on willing sellers and willing buyers, the quality of the building, and the location of the property,” added Hester.
Market increases in reappraisal rates throughout the state have been at historical highs. This is also true regionally as shown by the following Middle Tennessee counties on a five-year reappraisal cycle revaluing in 2024.
The latest percentage increase shared by the Tennessee Comptroller’s Office for Cheatham County was 72.8%, Dickson County at 52.7%, and Sumner County at 67.1%. All percentages are based on assessed value and include new construction. Montgomery County’s increase is calculated at 64.9%.
May 20th: State deadline to notify property owners of any change in their assessment values. Notifications will be mailed to the address on record on or before Monday, May 20th.
May 31st: Last day to file an appeal with the County Board of Equalization.
June 3rd: Appeals to the County Board of Equalization begin.
July: The legislative bodies of the County Commission and the City Council set the respective property tax rates.
Property owners enrolled in the Greenbelt Program are protected under state law to a cap of six percent per year or 30% on their land value. Greenbelt Program assessment change notices will show the new land market value for 2024 in addition to a capped “use value” for land that is currently enrolled in the program. All improvements (structures) on the property are valued using the same methodology the rest of Montgomery County.
For information on how property taxes are calculated, the appeal process, the certified tax rate (CTR), and how to calculate taxes, read this brochure. The valuations for properties affected by the December 9th, 2023 tornado, are based on what existed on Jan. 1, 2024.
Tennessee is a truth-in-taxation state. This means a new, revenue-neutral, certified tax rate (CTR) will be calculated. Click here for more information on the CTR.
