Property Assessment Fact Sheet
source: Tenn. State Comptroller of the Treasury, Division of Property Assessments
ASSESSMENT VS. TAXATION - SEPARATION OF DUTIES
Assessment function is distinct from taxation function
Assessor of Property appraises and classifies the property and then applies the
statutory percentages to appraisals to determine assessments
County Commission and city governing bodies determine local property tax rates
Taxes are collected by county Trustee and city collecting officials
THE ASSESSMENT FUNCTION
The Assessor
Appraises real estate for assessment purposes.
Tracks changes in ownership, addresses and property boundaries.
Is required by state law to verify certain information on real estate sales with buyer or
seller.
Appraises and assesses business personal property (furniture, fixtures, machinery and
equipment).
Responds to requests for public information.
Must possess both appraisal and administrative skills to do the job.
The State
State Board of Equalization establishes policies and procedures for local Assessors of
Property and hears property appeals beyond the county level.
Division of Property Assessments (a division of the Comptroller of the Treasury)
monitors the work of Assessors to ensure proper procedures are followed, provides
technical assistance during reappraisal programs, and provides manuals and
educational programs for use by Assessors.
The Assessment Cycle
Property appraisals are established during periodic reappraisal programs using current
real estate values on either a 6 year, 5 year or 4 year cycle.
Knox County follows a 4-year cycle.