Tennova re-Appraisal Concerns Cause Delay at Council

Tennova re-Appraisal Concerns Cause Delay at Council

Postby Nick Della Volpe » Thu Oct 03, 2013 2:25 pm

The 8 Waterhouse property heirs expressed concern to Tennova that the 107 acre tract might get re-appraised once the tract is rezoned from A-1 to O-1, as has been requested. Those heirs are scattered to the winds and individual contact effort plus time for lawyer draft exchanges is said to necessitate the agenda delay. Escrowing funds would seem to cover their out of pocket concerns...once the paperwork is handled.

Interesting Facts: the 100+ tract (tax rolls says 103 acres, tract no. 106 KC 017) receives an agricultural "green belt" tax rating and, therefore currently pays only $1535 in County property tax and $1578 in City property tax. ( Only 15 acres need be in Ag use to qualify). The property is appraised at $838k and assessed at ($66k)-- note: assessment is not the normal 1/4 of appraisal approach, because the Ag green belt use lowers the "Use Value" to $225k. The Tennova purchase option effectively revalues the land at $11M, ie, the option price would seem to be reasonable evidence of the fair market value.
Nick Della Volpe
 
Posts: 107
Joined: Mon Jul 02, 2012 4:00 pm

Return to City Of Knoxville, Tennessee / City Council Forum

cron