Brentwood News: Understanding the Certified Tax Rate

Brentwood TN

25 May, 2021

5:59 PM

Description

From the City of Brentwood: May 24, 2021 You probably received your property reappraisal card in the mail recently. The purpose of a reappraisal is to bring property values to current market value and maintain equalization through the county. 2020 was a reappraisal year in Williamson County, which resulted in an average 23.4% increase in property values in Brentwood. Does a higher valuation automatically mean property taxes are going up? No. By state law, when property values go up as a result of a reappraisal, then local governments must reduce their property tax rate so they do not generate any additional property tax revenue solely due to the reappraisal. In Brentwood, the proposed tax rate for next fiscal year will be reduced from $0.36 per $100 of assessed value to $0.29. This rate reduction is based on the overall change in property values city-wide. For any specific property, the impact could be different. If your property value increased by more than 23.4%, then you will in fact see an increase in your city property taxes while those whose values went up less than 23.4% will see a reduction in their property taxes. Here is a video that explains the certified tax rate produced by the TN State Comptrollers Office: The Brentwood City Commission will hold three formal public hearings about the proposed tax rate at the following meetings: Monday, May 24, 2021 Monday, June 14, 2021 Monday, June 28, 2021 The final reading of the tax rate will occur at the Monday, June 28, 2021 meeting. You can view the entire ordinance here. Return to full list >> This press release was produced by the City of Brentwood. The views expressed here are the author's own.