For instance, Knox County increased its assessments by 40%, but people whose properties increased below that rate enjoyed a tax decrease, while those whose properties appreciated above 40% got a tax hike. Instead, what's important is whether your assessment has increased more on a percentage basis than the overall average increase of your town or county. That's because new assessments are typically designed to be revenue-neutral, which means a municipality can't gain more tax revenue through the new assessments. Understand your town's assessmentįirst, it's important to note that a higher property assessment doesn't necessarily mean a higher tax bill, experts say. Here's what experts advise for people considering challenging their tax bill. During the past five years, the average property tax increased 18% across the nation, an analysis by home-services company House Method found.
Although appealing your assessment can pay off, only about 5% of people do so, according to the National Taxpayers Union Foundation.
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