Franklin - An upcoming revaluation will bring Franklin properties in line with the current market and reflect the latest real estate trends.
Ultimately, it will bring tax equability between properties, city officials say.
Franklin typically assesses properties every three years, with the last citywide revaluation occurring in 2010. At that time, properties that sold in 2008 and 2009 were used to establish the assessed values.
The city of Franklin has contracted with Tyler Technologies to complete the revaluation. The national appraisal firm has worked for the city since the early 1990s.
Between July and August, property owners will receive a notice of assessment stating what the market value was as of January 1. The notice will also include instructions for property owners to dispute the values.
Unlike prior assessments, this year's revaluation will not include a full curbside review, said Mark Luberta, director of administration. Instead, Tyler Technologies representatives will conduct an in-office analysis of properties based on all home sales that occurred in Franklin during 2011 and 2012.
"If your house is just like your neighbors, but you have a finished basement, they can tell from their database, and they can tell how much that tends to affect a property value," Luberta said, adding that some properties may be visited for an interior or exterior inspection due to the issuance of a building permit or to verify certain property information.
Luberta said the state allows municipalities to conduct an interim market update, as it's known, if the previous revaluation happened within the past five years, and assessed values have remained within standardized parameters.
It also saves Franklin money. The 2010 revaluation cost $102,000, compared to this year's $49,000 interim market update.
Effect on property taxes
Property values are one of the primary components determining what portion of the local property tax levy will be borne by property owners.
The city's levy is only a portion of each property tax bill, but it has the responsibility to receive tax levy requests from each taxing jurisdiction - including county government, service districts and school districts, among others - and send out a combined property tax bill to citizens.
The approved tax levies from all of the taxing jurisdictions are divided by the assessed valuation, certified by the Board of Review, to determine the tax rates.
Inequities may exist within classes of property, and the upcoming revaluation may find some property owners are paying more than their fair share while some are paying less, said Luberta.
"In the end, some property owners might see a slight increase, some might see a slight decrease, and some won't change at all," he said.
City officials said Tyler Technologies representatives will always have official city of Franklin photo identification cards, and their vehicles will be registered with the Police Department. Residents who have any questions on the identification of a member of Tyler staff should contact the assessor's office at (414) 425-1416.
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