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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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