Tennessee SBOE Affirms Property Tax Valuation of Hamilton County Retail, Office Building

The Tennessee State Board of Equalization (SBOE) July 3 affirmed the property tax valuation of Taxpayer’s two-story building containing retail and office space. The Hamilton County Board of Equalization conducted a valuation of the property for 2021 tax purposes. Taxpayer filed an appeal with the SBOE, seeking a reduction in value. The SBOE granted Taxpayer’s request to include tax years 2022 and 2023 in the appeal. The SBOE found that: 1) Taxpayer incorrectly added the 1.75 percent tax rate under a triple net lease; 2) the county assessor’s representative relied on actual property rental rates for the property; 3) the ...