REALTOR® Issues

REALTOR® Issues - January 27, 2010

Assessor of Property, Williamson County
1320 West Main Street, Suite 300/313
Franklin, TN 37064
Phone- (615) 790-5708
Website

Guest Speakers
Dennis Anglin- Williamson County Property Assessor
     ~ dennisa@williamson-tn.org or (615) 790-5708

Brad Coleman, Residential/Farm Appraiser
     ~ bradcole@williamson-tn.org or (615) 595-1271

David Horner, Commercial Appraiser
     ~ davidhorner@williamson-tn.org or (615) 790-5854

Information Distributed by Guest Speakers


Functions of the Property Assessor’s Office

# 1  Property Appraisal- appraises the value of all property within Williamson County.  Taxable property is divided into two classes:
     1. Real property- includes land, buildings, structures, improvements, and additions.
     2. Personal property- includes any machinery, equipment, fixtures, furniture, or other immovable items used during the course of     
          business.
               ~ Over 11,000 businesses within Williamson County currently pay personal property tax.
               ~ Businesses must provide an annual update to the Assessor’s office regarding the taxable value of all personal property.
               ~ The Assessor’s office conducts detailed audits on all businesses claiming more than $75,000 in personal property.
               ~ Important to consider the value of all personal property when buying or selling a business.

#2  Office Assistance-

assists the public with inquiries, information requests, etc.
REALTORS® frequently utilize data maintained by the Property Assessor’s office - such as current owner, year built, square footage, and appraised value - through the CRS function on RealTracs.

Search Tax Records for Individual Properties (Williamson County)
Search Tax Records for Individual Properties (all Tennessee counties)
Different Between Assessed and Appraised Value
How to Determine Your Property Tax Bill


#3  Data Management- maintains Williamson County's property assessment and tax records.
This data is provided to the County Trustee and the State Comptroller's office, along with quarterly reports sent to the six (6) local governments within Williamson County.

Search total appraised property values, local tax rates, etc. for Williamson and other counties within Tennessee
Division of Property Assessments, Comptroller of the Treasury


#4  Verification (Reappraisal) - performs a county-wide property reappraisal to ensure equity throughout the jurisdiction.
               ~ Conducted on a five (5) year cycle in Williamson County.
               ~ ‘Spot reappraisals’ are prohibited.
               ~ The last county-wide property reappraisal was completed in 2006, with another reappraisal scheduled for 2011.
               ~ The 2011 reappraisal process will begin in May 2010.
               ~ Reappraisals increase in accuracy as the number of home sales increase.
               ~ Appraised values for commercial properties are typically based on the estimated income stream generated from a particular 
                  building.
               ~ Estimates indicate a majority of 2011 reappraisal values will be consistent with 2006 levels.  Minor fluctuations, either
                  positive or negative, will occur within specific areas and/or subdivisions.

Overview of the Reappraisal Process


#5  Mapping- maintains and updates maps for all parcels within Williamson County. 
               ~ Every property within a county, from individual lots in a subdivision to 50-acre tracks, is assigned a map and parcel number
                  by the Property Assessor’s office.
               ~ These maps provide information such as a parcel’s location, physical characteristics, property lines, roadways, public right-of-
                  ways, easements, etc.
               ~ Maps must be continuously updated to reflect recent annexations, property transfers, subdivisions, alteration of property lines, 
                  newly-approved developments, surveys, etc.
               ~ All maps are available for public viewing, either on file at the Property Assessor’s office or on the Internet.

Click HERE and select ‘simple internet mapping function’ to access Williamson County’s mapping system.

#6  Greenbelt Appraisal- appraises the Greenbelt values of agricultural properties and establishes roll-back taxes to be collected by the County Trustee.
               ~ Due to high land values in Williamson County, almost all parcels larger than 15 acres are appraised under the Greenbelt 
                  classification.
               ~ Properties are generally removed from Greenbelt status following a subdivision or change in land-use.
               ~ All properties removed from the Greenbelt classification must repay at least three (3) years worth of roll-back taxes.
               ~ Applicable roll-back taxes should either be paid prior to a property transfer or addressed in the sales contract.
               ~ Issues or appeals associated with the removal of a property from the Greenbelt classification should be corrected within the 
                  same tax year.

For questions related to Greenbelt, contact Debbie Kennedy in the Williamson County Property Assessor’s office (615-790-5729).  Click HERE for additional information about Greenbelt properties.


Other Information
~ After executing a property search on the Assessor’s website, a report containing recorded sales over the past 365 days is displayed.  This information includes all property sales within the same neighborhood and within 20% of the last recorded sales price of the property being searched.  This data is provided for informational purposes only.

~ Appealing your Appraised Value
          Property appraisals can be appealed annually.
          There is no fee to appeal the appraised value of residential properties.  A $50 fee is required for appeals of commercial property.
          Property owners are encouraged to appeal their appraised value if they consider it to be inaccurate.
          The County and State Board of Equalization are primarily concerned with value of a property as of January 1st of the year of
          the appeal.

~ Agents are encouraged to alert the Property Assessor’s office as new subdivisions and homes are completed.

~ Golf course properties can be taxed under multiple classifications.  For example, the clubhouse/maintenance facilities might be appraised as commercial property, with the actual golf course appraised as Agriculture.


Please contact David Pair, Director or Governmental Affairs, via Email or phone (771-6845) for additional information or to recommend a discussion topic for future REALTOR® Issues meetings.


Click on the links below to view minutes from previously held REALTOR® Issues sessions.

Sewer Assessment Districts - 9/23/09
Music City Center - 8/4/09
Franklin Forum - 6/18/2009
Trends in Development - 1/27/09