Franklin homeowner unhappy with reassessment

Published 11:27 am Saturday, May 19, 2012

To the Editor:

Last week I received the news that the City of Franklin was devaluing my real estate by a whopping $35,600.

During these tight economic times, some might consider this good news; logically less value would equate to less taxes and a lower payment for those who combine their taxes with the house payment.

I moved to Franklin about five years ago, bought a house that I thought was reasonably priced and began building equity by making my monthly payments. In an ironic coincidence, I built up about $35,000 in equity by paying down my loan only to have the sum total of my economic wealth wiped away in one fell swoop by the city.

Thanks, Franklin, I now start over at zero in a housing market where I couldn’t sell my home for enough money to pay off a loan and pay a Realtor even if I wanted to leave.

I’m now waiting for the other shoe to drop when the city announces that to make up for the shortfall in tax revenues, it is going to raise the tax rate on homeowners. The city will still get theirs in the end, and so will I, only in a different way.

David George