865 Real Estate

East Tennessee Real Estate & Neighborhood Source

Homes for sale in Farragut TN – 12009 Broadwood Drive, Knoxville, TN 37934

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Property Taxes in Tennessee – Help My Tennessee Property Appraisal Went Up!

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Here is how our Tennessee property taxes work here in case you are concerned your Tennessee property taxes are going up due to higher appraised value.

First and foremost, higher Tennessee property values during a reappraisal do not necessarily mean higher property taxes in Tennessee.

According to Tennessee state law, the amount of total tax revenue collected by a county (via property tax) must remain the same after a reappraisal, even if the combined value of all property in the Tennessee county increased following the reappraisal. This means that when the appraised value of a Tennessee property goes up, Tennessee state law requires the Tennessee county to lower its tax rate so it cannot generate additional tax revenue simply due to reappraisal. However, while the Tennessee county cannot generate any more tax revenue due to this process, reappraisal can and does affect the total amount of taxes owed by individual Tennessee property owners.

Per the Knox County, Tennessee property assessor’s office, the average appraisal value rose 40% – thus the tax rate will be decreased by 40% to conform with Tennessee state law.

There are basically three scenarios for how this process could impact the dollar amount of taxes owed by an individual Tennessee property owner:

If your individual Knox County, Tennessee property value increased by exactly 40%, the total dollar amount of taxes you pay will be able the same.

If your individual Knox County, Tennessee property value increased by less than 40%, the total dollar amount of taxes you pay will slightly decrease.

If your individual Knox County, Tennessee property value increased by more than 40%, the total dollar amount of taxes you pay slightly increases.

It is also important to note that the changes in the total dollar amount of taxes you must pay as a result of reappraisal are generally marginal. For example, even if your individual Tennessee property doubles (+100%) in appraised value, your taxes will not double since the tax rate will be adjusted down.

Included is an informational video from the Tennessee Comptroller explaining the re-appraisal process in regards to Property Taxes in Tennessee.

Have questions? Need help? Contact the Troy Stavros TEAM at CornerStone Realty Associates at 865-999-0925 today!

Homes for sale in East Tennessee : MARCH 2022 Housing Market Update

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In today’s video, we dive into the East Tennessee real estate data for the month of March 2022 to see how the East Tennessee housing market is doing compared to one year ago.

We will look at the inventory of active homes for sale in East Tennessee. Homes for sale in Knoxville TN, homes for sale in Farragut TN, homes for sale in Knox County TN, homes for sale in Loudon County TN, homes for sale in Anderson County TN, homes for sale in Roane County TN, homes for sale in Blount County TN, and homes for sale in Sevier County TN. We will also look at what has happened to the median sales price of homes over the last year in those areas of East Tennessee. We will discuss the real estate data and how it affects buyers and sellers in today’s East Tennessee housing market. We discuss the extremely hot market for real estate investing in Sevier County and the areas of Gatlinburg, Pigeon Forge and the Smoky Mountains.

Here is some basic real estate data and news in regards to the East Tennessee housing market not covered in the video that covers the housing market ending in 2021 and the last few months:

Seasonally adjusted home sales in the Knoxville TN Area declined 6.1% in March despite continued year-over-year gains.

Key Highlights:

-Knoxville, TN area home sales were strong in March — up from the prior month and 13% from a year ago.

-Median home sales price in East Tennessee was $301,880 in March — up 21% from a year ago.

-Total housing inventory in Knoxville TN declined for the sixth consecutive month — down considerably from a year ago and enough to last less than one month at the current sales pace.

-Half of the homes sold in Knoxville TN in March were on the market for less than 4 days.

Bottom Line: Seasonally adjusted home sales in East Tennessee declined for the fourth consecutive month, a clear sign that lack of supply is constraining the market and hampering further gains. Rising sale prices in Knoxville TN combined with further median DOM decreases suggest demand remains high — and likely to remain elevated throughout the year. At this point, there are no indications that supply will rise in the short term.

A scientific poll commissioned by KAAR (Knoxville Area Association of REALTORS) in March shows more than 1 in 3 registered voters — 34 percent — indicated housing affordability in the Knoxville TN area was a very or fairly big problem. 28 percent said the same about housing availability. That being said, Urban Land Institute’s Terwilliger Center Home Attainability Index for 2021 ranks Knoxville, TN as the 5th most affordable region in the United States.

In their latest migration trends report comparing cities across the country, U-Haul ranked Knoxville No. 7 on its list of top 25 U.S. growth cities.

Have questions or need help in today’s crazy East Tennessee housing market? Contact the Troy Stavros team at CornerStone Realty Associates at 865-999-0925 today. We are here to serve you! #chimein #888388DOOR

South Knoxville home for sale! 3700 S. View Circle, Knoxville, TN 37920

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Amazing layout! Located in South Knoxville with easy access to Downtown Knoxville, McGee Tyson Airport, and less than an hour drive to Smoky Mountain National Park, Pigeon Forge, and Gatlinburg. Enter through the front door to soaring ceilings and a winding staircase. Just off the foyer is access to the main level owner’s suite featuring vaulted ceilings and a bath with a whirlpool tub, separate shower, dual sinks, and a large walk-in closet. At end of the foyer, you enter the two-story great room with a wall of windows giving off an abundance of natural light. Access the oversized deck from the great room and see the rolling hills of Tennessee in the distance. A formal dining room with more windows is located between the great room and the eat-in kitchen. Upstairs you’ll find 3 additional bedrooms and a bonus loft that looks out over the great room. Amazing opportunity to expand with another 1560SF in the unfinished, framed, plumbed walkout basement. This place has showplace potential!

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