Why Are Reappraisals Necessary?

Overview

Reappraisals keep our property tax system fair. It’s that simple. The State of Tennessee requires All County Assessor's of Property to conduct mass reappraisals every four to six years; Madison County is on a four (4) year reappraisal schedule.

2018 was a Reappraisal Year for Madison County, TN

Reappraisals allow the Assessor to adjust property values so that every property in Madison County is appraised at 100% fair market value. January 1 of each Reappraisal year is the only day property is appraised at 100% of Fair Market Value

Reappraisal eliminates inequities that are created over time by changes in the real estate market, ensuring fairness and equity for all property owners. Over time, a property’s fair market value can increase or decrease. If the Assessor’s record of a property’s fair market value does not change some people could pay too much in property taxes, while others could pay too little.

The 2018 Reappraisal values were based on qualified sales that occurred from 2015, 2016 and 2017; with the greatest weight being given to sales in 2017 because all properties are valued to reflect market conditions as of January 1, 2018.

Property Values in A Reappraisal Year

The state’s Truth in Taxation law requires the local legislative bodies (County Commission & City Council) adjust the tax rate to a “certified tax rate” that brings in the same amount of revenue as the year before reappraisal, excluding new construction.

EXAMPLE: Before the 2010 reappraisal the tax rate for Madison County was 2.31% after reappraisal the rate was lowered to 2.15%. Also, the tax rate for the City of Jackson was 2.10% and was lowered to 1.97%


This is called the certified tax rate, and it prevents local governments from experiencing a financial windfall in reappraisal years at the expense of property owners.


2017 Tax Rates: Madison County 2.45%; City of Jackson 1.9619%; Three Way .56%

As a result of the 2018 Reappraisal the new Tax rates are as follows:

2018 Tax Rates: Madison County 2.35%; City of Jackson 1.9619%; Three Way .5536%

2019 TAX RATE: As of the date of this UPDATE (August 1, 2019) the new tax rate has not be set. I will update this site as soon as we receive the information.

2022 is the Next Reappraisal Year


For more information, please contact the Assessor's Office at (731) 423-6063.

Assessor's Staff Responsibilities

Between reappraisal cycles, the Assessor's staff:

  • Visually inspects all property in Madison County either physically or via Aerial Photography to ensure  the Assessor’s assessment records reflect each property’s actual characteristics, such as:
    • Square footage
    • Story height
    • Exterior wall type
    • Garage, carport, detached buildings, pools and other structures
  • Verifies all property deed transfers as they occur in the market place; verifying each sale in order to ensure it is an arm’s-length transaction. These qualified sales are recorded in a sales files to compare to properties of similar size, age, location, and description to help establish fair and equitable property values.