DATE: May 6, 2016
TO: Board of Mayor and Aldermen
FROM: Eric Stuckey, City Administrator
Russ Truell, Assistant City Administrator
SUBJECT:
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Report on 2016 Property Assessment Report from the Williamson County Tax Assessor and Calculation of the Certified Tax Rate.
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Purpose
The purpose of this memo is to provide information to the Franklin Board of Mayor and Aldermen (BOMA) concerning the property assessment for tax year 2016 and the “certified tax rate”.
Background
The State of Tennessee requires that the Assessor of Property conduct a reappraisal of property values to ensure that all property owners are taxes on an equitable basis. Williamson County has elected to conduct those reappraisals every five years. The results of the reappraisal are not yet finalized & approved by the State Board of Equalization, but estimates from the Assessor are available. Those estimates are attached to this agenda item.
Upon determining the average increase in valuation for existing properties, the Assessor also presents the County and municipalities with a “certified tax rate” that represents the rate of property tax that would generate the identical amount of tax collected in the year prior to reappraisal. This rate would reflect an amount of tax that delivers zero increase due to the reappraisal process. That report, including calculation of the certified rate, will be provided as an attachment if it is available at the time of the Finance Committee meeting. As of May 6, it is not yet available.
Information about the reappraisal process is available on the County website (<http://www.williamsoncounty-tn.gov/index.aspx?NID=912>) and the State Comptroller’s website (<http://www.comptroller.tn.gov/pa/paavt.asp>.)
Financial Impact
This is a report only. There is no financial impact to this agenda item.
Recommendation
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Staff has no recommendation. This is a report only.