The Gibson County Assessor of Property is a Tennessee constitutionally elected official who serves at the pleasure of the Gibson County citizens for a four-year term of office . It is the Assessor's responsibility to discover, list, classify, and value all property within the jurisdiction of Gibson County. Property is divided into two classes - real property and personal property. Real property includes land and all buildings, structures, and improvements to the land. Personal property is machinery and equipment, fixtures, furniture, and other items that are movable in nature used by a business.
Another important duty of the office is maintaining and providing public information to assist taxpayers and the general public with questions regarding property ownership, assessment, and recent property sales. The Assessor’s office handles thousands of requests annually on the phone, through the mail, or in-person from current or prospective property owners, as well as from the real estate, legal, and banking communities.
The rules governing the tax appraisal process in Tennessee are based upon the same principles and procedures that are used throughout the appraisal profession. There are three basic approaches to the valuation of real property: The MARKET Approach involves the comparison of a property to other properties with similar characteristics that have recently been sold. The COST Approach involves estimating the replacement cost of a structure and adjusting that estimate to account for depreciation. The INCOME Approach is an analysis of a property's value based on its capacity to generate revenue for the owner. The goal of the Assessor is to estimate fair market value for all property in the county. Fair market value is defined as how much a property would sell for, in an open market, under normal conditions. To determine market values, the assessor must be familiar with all aspects of the local real estate market, such as: what different types of properties are selling for, local construction and repair costs, normal operating expenses, typical rents, and current financing charges for borrowing money to build or buy property.
Every county in Tennessee is on either a four, five, or six-year cycle of reappraisal. Gibson County is on a five-year cycle that consists of five years of a comprehensive on-site review of every parcel of property in the county followed by a revaluation of all property in the sixth year.
Each year, the assessor is required to create and maintain an assessment roll detailing all county property, its owner, and its value. This roll, with preliminary, or tentative assessments, is made available for public inspection in May. Property owners whose property have changed in value are notified by mail of those changes and are given an opportunity to appeal any values they feel are inconsistent with the fair market value of their property. The County Board of Equalization, after hearing owners’ appeals and ordering any changes they feel are warranted, makes the assessment roll final for the year. The Assessor of Property then turns the rollover to local taxing authorities.
The Gibson County Assessor is responsible for appraising real estate and assessing a property tax on properties located in Gibson County, Tennessee. You can contact the Gibson County Assessor for:
There are three major roles involved in administering property taxes - Tax Assessor, Property Appraiser, and Tax Collector. Note that in some counties, one or more of these roles may be held by the same individual or office. For example, the Gibson County Tax Assessor may also serve as the Gibson County Tax Appraiser.