Tennessee’s comptroller wants more-frequent property appraisals to keep up with rapidly escalating home prices, a move that could have an indirect impact on property insurance limits and premiums in the state.
Comptroller of the Treasury, Jason Mumpower, said he hopes to have a bill introduced in the 2024 Tennessee General Assembly that would require county property appraisers to speed up their review schedules, the Tennessee Lookout and other news outlets reported. County officials generally update property appraisals every four to six years, but Mumpower wants to accelerate that to one to three years.
Some 83,000 people are moving to Tennessee each year, which is putting pressure on housing prices. Yet, appraisals have not kept pace and 38 counties lost a total of more than $100 million in potential property tax collections, Mumpower said. Higher property values could spur some owners to consider raising their policy limits.
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