Assessor of Property Marty Haynes said Wednesday that reappraisal cards to all Hamilton County property owners will be going out soon - listing the updated values.
Assessor Haynes told members of the County Commission that about one-third of those getting the cards will see a rise in value, while another third will stay at about the same, and the final third will see a drop in the value of their property.
The new value is pegged at Jan. 1, 2025.
Assessor Haynes said the values of residential homes have already risen about three percent just since the Jan. 1, 2025 date. But the next major reappraisal will not be until 2029. He said his staff has already started work on the next reappraisal.
The first batch of reappraisal notices will go out next week, and others will follow for the county's total 185,000 parcels.
He noted that "there has been an overall increase," but under state law, there will be a "certified tax rate" computed. The process ensures the amount of total taxes collected for a county remain the same after a reappraisal, even if the combined value of all property in the county rose or fell following the reappraisal.
Assessor Haynes said the certified tax rate should be known around mid-July.
He said typically some 1,600 new homes are constructed in a year in Hamilton County. He said there have been over 13,000 built since he took office in 2016. That includes some 5,000 built between 2017 and 2020 and some 8,000 in the last four years.
Assessor Haynes said the county has 133 hotels with two more due to come online this year. Three more are planned.
He said, "The other big driver of the economy is apartment complexes. We have 70 of those that have come online since 2017, including 40 since 2021."