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Lookout Mountain, Tn., Will Have 5% Tax Increase After Losing Hall Income Tax Wednesday, May 26, 2021 - by Gail Perry
Residents of the town of Lookout Mountain, Tn. will see a five percent increase in their property taxes for 2022. Reappraisals were done throughout Hamilton County this year and the value of homes in Lookout Mountain, Tn. increased an average of 17 percent. The reappraised values are sent to the state which sets a certified tax rate for the town which should offset the increase. However, without other sources of revenue, Lookout Mountain, Tn. now relies upon property taxes and found it necessary to raise taxes.
Lookout Mountain, Tn., Property Values Up 17% In 4 Years Thursday, April 15, 2021 - by Gail Perry Residential property in Lookout Mountain, Tn. has increased in value an average of 17 percent over the last four years, Hamilton County Assessor of Property Marty Haynes told town commissioners at the April commission meeting.
Reappraisals are done every four years and are based on comparable sales. Reappraisals do not cause a tax increase, he said, because as value goes up, the tax rate will be lowered to make the reappraisal revenue neutral.
The state of Tennessee will provide a certified tax rate to the town by late June or early July. The tax rate of $1.83 per $100 of assessed value has been effect since 2017. Mr. Haynes said if someone disagrees with the re-evaluation, an appeal can be made by providing the assessor’s office with evidence such as comparable sales or something about the property that is unknown.