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:
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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