KNOXVILLE, Tenn. — Homeowners in Knox County may have received a yellow notice in the mail recently, notifying them about changes in their home's value. More than 180,000 property owners received them.
Based on the prices of houses sold in the county, people in the assessor's office assign a new value to the houses, every 4-6 years. The Knox County Property Assessor said housing prices have ballooned over just the last two years.
Frank Coffey, a homeowner in Knox County, got a yellow letter in the mail recently. It said his house's value went up by more than 100%, and he said he's worried he'll have to pay more property taxes because of that appraisal.
However, Knox County Assessor John Whitehead said because property values in Knox County have gone up so quickly, some homeowners may not end up paying more in property tax.
Tennessee state law says property tax revenue has to remain the same as the previous year.
Because of that, Whitehead said people whose property values have increased by around 40% should expect to pay the same amount in property tax as the previous year.
Whitehead said if people's property values increased by less than 40%, they could pay less in property tax, even if the property value increased.
Frank Coffey expects to pay more in property tax because of the high appraisal on his house.
"We've got an economy that's out of control, gas prices are out of control, and then they hit you with this as well," Coffey said. "I may have to take a part-time job to pay for it."
Coffey said he hopes the county assessors made a mistake in assigning a value to his house.
Whitehead said if people think the county made a mistake, they should call, email or go into the county assessor's office to appeal. He said they should bring evidence of why they think the county messed up.