City-Wide Property Revaluation

Under Section 70.05 (5)(b), each taxation district shall assess property at full value at least once in every 5-year period. The last revaluation in the City was conducted in 2006.  Furthermore, there has been a distinct change in the marketplace since 2006.  This revaluation will account for the change in the market by using sales that occurred in 2008 and 2009.

Because property values continue to change over the years, many inequities emerge.  As a result of these inequities, some property owners may be paying more than their share of the property tax and others may be paying less.  The revaluation is being conducted to address these inequities and ensure that each property owner pays only his or her fair share of the tax burden; no more, no less.

The market value of your property is determined by using property data that is collected early in the project.  Appraisers also consider current market conditions, as well as construction costs and commercial rental income and expense information.

There are several long explanations of market value, but simply put, it is the most probable price a willing buyer would pay a willing seller for a property on the open market if neither party is under pressure to buy or sell.

The Assessor's Office is responsible only for determining fair market value of properties.  The tax rates are set by taxing bodies such as the City, County, State, and schools.

You should ask yourself, could I or would I sell my property for the amount listed as my new assessment.  You can check this against sales of similar properties in your neighborhood.

The December 2010 tax bill will be based on the final values after the appeals process is complete.

The goal of the revaluation project is to determine the fair market value of every property in Franklin.  If you purchased your house within the past year and if the purchase was on the open market and had no unusual conditions, the appraised value on your notice should be reasonably close to the sale price, but probably will not be the exact amount.  Just because one person is willing to pay a certain amount for a property doesn’t mean that the majority of buyers would be willing to pay the same price.  During the valuation process, each property is compared to five similar properties to determine the most probable selling price.  While sale prices may vary slightly, even for identical properties, the assessor must be equitable in his/her valuations.

Along the same lines, even if you appealed your value in a prior year to the Assessor’s Office or to the Board of Review, and the value was adjusted, the revaluation starts everyone at square one and appraises each property from scratch.  Any prior changes are not considered since those changes were based on the old, outdated system.  The new value you receive should be a reasonable estimate of market value and should be equitable with surrounding properties. 

If you feel that the value is not reasonably close, make an appointment for an informal review to go over the data and value.  Data compiled during the revaluation will be available for inspection at the informal review.

No value changes will be made at the informal review meeting, but all information you supply will be reviewed.  You will be notified of the results of the review by mail.

No. You are not required to attend an informal review in order to file an objection with the Board of Review.  However, it is highly recommended because discrepancies are often resolved during the informal review period.