FRANKLIN—The city expects property values to decrease after it completes its biennial reassessment, said Commissioner of the Revenue Brenda Rickman.

A decrease in property values means less revenue from real estate taxes based on the current 77-cent tax rate. City Council would have to decide how to make up the revenue.

“It’s not a cut and dry thing,” Rickman said. “It all depends on the city council.”

The city is paying $55,000 to Wampler-Eanes Appraisal Group to conduct the reassessment of homes and businesses based on real estate sales for the year, said Rickman.

Mayor Jim Councill said it was premature to speculate on how the city would handle a possible decrease in revenue, but one solution could be raising property taxes.

If property values decrease, a tax rate increase would have less of an impact on taxpayers because it is tied to how much property is worth.

The assessor will go door to door and look at the dimensions and additions to homes that may increase the value. The assessor will ask questions, but will not need to enter homes, Rickman said.

If a property value changes, property owners will be notified in the spring. The reassessment will go into effect on July 1.