Error loading content
Property Taxes in Tennessee – Help My Tennessee Property Appraisal Went Up!
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!
South Knoxville home for sale! 3700 S. View Circle, Knoxville, TN 37920
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!
Error loading content
Homes for sale in West Knoxville – 6536 Airtree Lane, Knoxville, TN 37931
OPEN HOUSE THIS SUNDAY FROM 12-5PM! This will be the first available time to see this home so make plans to come out! Located at 6536 Airtree Lane, Knoxville, TN 37931. Super cute 2 story home tucked away in convenient West Knoxville location close to shopping, schools, etc. 3-minute walk to the neighborhood pool and clubhouse. Newer updates include a covered patio overlooking the completely fenced backyard and an updated HVAC system. Inside you’ll enjoy hardwood floors, crown molding, and a fireplace in the large family room. The kitchen with island features quartz counters, custom backsplash, and stainless steel appliances. An oversized formal dining room/flex space finishes off the main level. Upstairs you’ll find the owner’s suite complete with tray ceiling and a bath with updated shower with glass door, as well as double vanities, garden tub, and a walk-in closet. 2 additional bedrooms up plus a large bonus room which could serve as a 4th bedroom. OFFERED at $350,000.
Have questions or want to schedule a private showing? Contact the Troy Stavros TEAM at CornerStone Realty Associates at 865-999-0925
Error loading content
What Are Experts Saying About The 2022 Housing Market?
As we move into 2022, both buyers and sellers in East Tennessee are wondering, what’s next? Will there be more homes available to buy? Will East Tennessee home prices keep climbing? How high will mortgage rates go? For the answer to those questions and more, we turn to the experts. Here’s a look at what they say we can expect in 2022.
Odeta Kushi, Deputy Chief Economist, First American:
“Consensus forecasts put rates at about 3.7% by the end of next year. So, that’s still historically low, but certainly higher than they are today.”
Danielle Hale, Chief Economist, realtor.com:
“Affordability will increasingly be a challenge as interest rates and prices rise, but remote work may expand search areas and enable younger buyers to find their first homes sooner than they might have otherwise. And with more than 45 million millennials within the prime first-time buying ages of 26-35 heading into 2022, we expect the market to remain competitive.”
Lawrence Yun, Chief Economist, National Association of Realtors (NAR):
“With more housing inventory to hit the market, the intense multiple offers will start to ease. Home prices will continue to rise but at a slower pace.”
George Ratiu, Manager of Economic Research, realtor.com:
“We also expect a growing number of homeowners to bring properties to market, taking some pressure off high prices and offering buyers more options.”
Mark Fleming, Chief Economist, First American:
“Strong demographic demand will continue to act as the wind in the housing market’s sails.”
What Does This Mean for Buyers in East Tennessee?
Hope is on the horizon for 2022. You should see your options grow as more homes are listed and some of the peak intensity of buyer competition starts to ease. Just remember, rising rates and prices are a great motivator for you to find the home of your dreams sooner rather than later so you can buy while today’s affordability is still in your favor.
What Does This Mean for Sellers?
Make no mistake – this sellers’ market in East Tennessee will remain in 2022 as home prices are projected to continue climbing, just at a more moderate pace. Selling your house in East Tennessee while buyer demand is so high will truly put you in the driver’s seat. But don’t wait too long. With more listings projected to become available, your ideal window of opportunity to stand out from the crowd won’t last forever. Work with an agent who knows your local market and current inventory conditions to ensure you have the support you need to make an educated and informed decision about selling in the coming year.
Bottom Line
If you’re thinking of buying or selling, 2022 may be your year. Let’s connect to discuss your goals and the unique opportunities you have in today’s housing market.
Contact the Troy Stavros TEAM at CornerStone Realty Associates today at 865-999-0925 with questions or to get the process started.
The Perks of Putting 20% Down When Buying a Home in East Tennessee
If you’re thinking of buying a home in East Tennessee, you’re probably wondering what you need to save for your down payment. Is it 20% of the purchase price, or could you put down less? While there are lower down payment programs available that allow qualified buyers to put down as little as 0%, it’s important to understand the many perks that come with a 20% down payment.
Here are 4 reasons why putting 20% down may be a great option if it works within your budget.
1. Your Interest Rate May Be Lower
A 20% down payment vs. a 3-5% down payment shows your lender you’re more financially stable and not a large credit risk. The more confident your lender is in your credit score and your ability to pay your loan, the lower the mortgage interest rate they’ll likely be willing to give you.
2. You’ll End Up Paying Less for Your Home
The larger your down payment, the smaller your loan amount will be for your mortgage. If you’re able to pay 20% of the cost of your new home in East Tennessee at the start of the transaction, you’ll only pay interest on the remaining 80%. If you put down 5%, the additional 15% will be added to your loan and will accrue interest over time. This will end up costing you more over the lifetime of your home loan.
3. Your Offer Will Stand Out in a Competitive Market
In the East Tennessee market where many buyers are competing for the same home, sellers often like to see offers come in with 20% or larger down payments. The seller gains the same confidence as the lender in this scenario. You are seen as a stronger buyer with financing that’s more likely to be approved. Therefore, the deal will be more likely to go through.
4. You Won’t Have To Pay Private Mortgage Insurance (PMI)
What is PMI? According to Freddie Mac:
“For homeowners who put less than 20% down, Private Mortgage Insurance or PMI is an added insurance policy for homeowners that protects the lender if you are unable to pay your mortgage.
It is not the same thing as homeowner’s insurance. It’s a monthly fee, rolled into your mortgage payment, that’s required if you make a down payment less than 20%. . . . Once you’ve built equity of 20% in your home, you can cancel your PMI and remove that expense from your monthly payment.”
As mentioned earlier, if you put down less than 20% when buying a home, your lender will see your loan as having more risk. PMI helps them recover their investment in you if you’re unable to pay your loan. This insurance isn’t required if you’re able to put down 20% or more.
Many times, home sellers looking to move up to a larger or more expensive home are able to take the equity they earn from the sale of their house to put 20% down on their next home. With the equity homeowners have today, it creates a great opportunity to put those savings toward a larger down payment on a new home.
Bottom Line
If you’re looking to buy a home in East Tennessee, consider the benefits of 20% down versus a smaller down payment option. Let’s connect so you have expert advice to help make your homeownership goals a reality.
Contact the Troy Stavros TEAM at CornerStone Realty Associates today at 865-999-0925.
- « Previous Page
- 1
- …
- 5
- 6
- 7
- 8
- 9
- …
- 26
- Next Page »