KNOXVILLE, Tenn. — In April, Frank Coffey got a yellow letter from the Knox County Property Assessor's Office. It said his house's value went up from $123,900 to $261,400 — more than double the appraised value.
Worried about his property tax rate, Coffey filed an appeal with the Knox County Property Assessor's office. He said other houses in his area sold around that number, but his house was the oldest on the block and needs significant repairs.
"I took a packet of photographs of every defect I could find," Coffey said.
Once the assessor's office reviewed the photographs, they sent him another letter, this one green. The new letter said his house's value would be $211,400, around $50,000 less than what the assessor's office originally estimated.
The property assessor said many of the houses in Knox County have seen their values skyrocket over the last 5 years. He said because of that, the tax rate would go down because the county is not allowed to make more money from property taxes without raising its rates.
After the reappraisal, the Knox County CFO Chris Caldwell said he expects the Knox County property tax rate to be $1.50 per $100 of assessed value, about $0.60 lower than the previous rate.
If Frank Coffey hadn't appealed, he would've ended up paying about $300 more per year in property taxes, based on the estimated rate. Now, he'll pay $140, which he said is doable, even on a fixed income.
"A little more beans and cornbread during the year to make up the money, I guess," Coffey said.
The Knox County Property Assessor said about 10,000 people appealed their property assessments, and around 3,500 were approved by his office.
The state of Tennessee gives people ample opportunity to appeal their assessments. The Knox County Assessor's office has that information on its website.