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Reappraisal

CVU

Deadlines

3 Counties Undergo Value Update in 2009

There are three counties in the State of Tennessee undergoing a current value update for the 2009 tax year. Those counties are as follows:

Clay

Moore

Smith

What is a Current Value Update (CVU)?

When a county is on a six-year reappraisal cycle, they must complete a current value update in the third year of their cycle. This update is applied to those subgroups within the county that have fallen below current market value. Therefore, some properties appraised values may not increase in a CVU.

What does this mean to your bottom line?

As in a county-wide reappraisal program, a county jurisdiction is not allowed to increase its overall tax burden due to a current value update. However, a county can request from the State that their tax rate be increased due to budget constraints, etc. This could mean an increase in your taxes for the 2009 tax year.

© 2009 Criterion Property Resources, Inc.