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Property Tax Assessment in Tennessee - June, 2023

Property taxes are a major expense for storage owners and operators. Positive business cycles, as we have seen for the last few years, can cause an upswing in property valuations/assessments. Operators who hold onto their properties do not necessarily realize additional cash flow. Unlike salaries, maintenance, insurance and other large expenses, storage owners have little say over the tax assessment and some have expressed frustration over their property tax increases. 

We, your Tennessee Self Storage Association (TNSSA) are very concerned that taxes, as well as other legislative matters, remain fair and equitable across all asset classes. Last year our Legislative Committee looked into this matter in depth and we:

  1. requested any members that had significant tax increases contact us and provide specific details so that we could review the circumstances
  2. reviewed the guidelines County Assessors (all property tax matters in the State of Tennessee are handled through the County) are provided and the process used to assess valuations
  3. spoke with our Legislative lobbyist to review existing laws, as well as the authority given to the assessors as well as the assessment process
  4. reached out to our parent organization’s (Self Storage Association - SSA) and their legislative chairman, and
  5. reached out to individuals with similar concerns in other states and review published articles

What we found is that in the State of Tennessee taxes are actually quite reasonable compared to other states.

In fact, Rocket Mortgage ranks Tennessee the 15th lowest rate in the nation (

County Appraisers: 

  1. determine the appraised value on a 4, 5 or 6 year reappraisal cycle
  2. 40% of the appraised value is the commercial assessment ratio (taxable portion)
  3. the assessment ratio is multiplied by the county and city (if applicable) tax rate which is determined by the county or city commission

When making assessments, assessor’s methodologies “paint with a broad brush.” What this means is that, assessors may be unaware of specific exceptions, conditions, and circumstances that have been overlooked. 

Remember, your property taxes are based on your property’s valuation - you need to take action if you feel your assessment is unfair.

If you feel your property is unfairly taxed, contact your County’s tax assessor to appeal to the county board of equalization. Appeals must be filed on or before August 1 of the tax year, or within forty-five (45) days of the date notice of the local board action was sent, whichever is later.

If you have any questions, or would like to discuss further, please contact us at

Property Tax Assessment in Hamilton County - August, 2016

It has come to our attention that the Hamilton County Assessors Office has sent out letters requesting that property owners provide extensive detailed financial info in order for upcoming property assessments to be completed. The letter stated that tax code 67-5-1601 mandates that this information be provided.

There are three ways to determine property value:

  • 1)      Income Approach - Uses the profit & loss statements of the property as provided by the owner
  • 2)      Sales Approach - Takes into consideration the last known sale information
  • 3)      Cost Approach - Applies a price per square foot it would take to build/replace the property.

The county alleges to be converting from the Cost Approach to the Income Approach; thus, requiring owners to provide Profit & Loss Statements to the county whereby they would apply a CAP Rate to come up with the new value to which they would then apply the millage rate and come up with your new taxable amount.

Typically, the income approach is used by owners to appeal property assessments that the owner feels has been valued too high.        

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Call Us: (423) 443-8249

P.O. Box 91, Hixson, TN 37343

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