Re: property taxes here in TN
I'm reading some slightly incorrect posts on this subject so as an actual property owner here,
allow me to state how it works fo' reals...
Most counties (mine included) have assessors who attempt to determine "real world" values of
properties, of course - but once that number is established, they then apply the "assessment"
value to the property, typically 25% of retail - and THAT number is what the tax is based on.
Once the tax RATE is established (overseen by the state, so as to keep renegade counties from
"cashing in") it's RATE x ASSESSED (remember, 25% of "real") that you wind up owing.
Our county has a current rate of $2.52/$1000, which is typical of several rural counties...
Yes, real estate taxes are actually silly low in TN BUT there is one caveat:
Those that live within actual recognized city limits of the larger towns can be both charged property
taxes by the CITY as well as the COUNTY!
Pro tip - live just outside city limits.