Wise County Residential Values Increase 15.9%
Property tax assessments for homes were increased by 15.9% for the tax year 2021, based on a review of 7,478 homes valued by Wise Appraisal District. Homes valued between $500k to $1 million had the largest increases, average 16.8% higher than 2020. Review of 7,478 homes valued at $300,000 or indicates an increase in assessed value of $2.46 billion, up 15.8% from 2.85 billion in 2021. Total property taxes for 2021 for homes valued over $300,000 would total $100.17 million, based on a 2.7% tax rate before considering homestead exemptions. Wise has 299 homes valued at $1 million or higher. They are valued at $0.18 billion in 2021, up from $0.15 billion in 2020. Values were increased for 267 homes, reduced for 24 homes, and remained flat for 8 homes. Homes valued at $300,000 to 500,000 increased from $1.5 billion in 2020 to $1.8 billion in 2021, an 14.9% increase. Of the 5,289 in this price range, values were increased for 5,124, reduced for 105, and re...