1. TACIR1 Economic Update Stan Chervin, PhD Senior Research Consultant September 13, 2012

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7. TOTAL LOCAL ASSESSMENTS IN REAPPRAISING COUNTIES TOTAL LOCAL ASSESSMENTS PRELIMINARY 20122011% COUNTYASSESSMENT($) CHANGECYCLE Claiborne 484,598,686484,633,6070.0% 5 Clay 103,648,98198,373,0835.4% 6 Cumberland 1,343,259,3841,385,112,071-3.0% 5 Franklin 829,107,708839,895,091-1.3% 5 Hancock 89,985,51185,749,9334.9% 5 Marshall 495,412,005508,972,273-2.7% 5 Moore 203,546,410184,007,01410.6% 6 Smith 306,654,302293,078,0184.6% 6 Unicoi 304,658,790292,422,8584.2% 5 Union 321,880,165321,167,0140.2% 5 Source: State Board of Equalization and Unicoi County Assessor. TACIR7

8. Source: Federal Housing Finance Agency TACIR8

9. COUNTIES REAPPRAISING IN 2013 COUNTY LAST REAPPRAISALCYCLE REAPPRAISAL BASED ON SALES IN Bradley200942008 Cannon200762006 Cheatham200762006 Davidson200942008 Dickson200762006 Fayette200942008 Fentress200762006 Greene200852007 Hamilton200942008 Hardeman200762006 Hardin200762006 Haywood200762006 Knox200942008 Lincoln200762006 Loudon200942008 McMinn200852007 Macon200762006 Monroe200852007 Obion200852007 Pickett200852007 Polk200852007 Robertson 20076 2006 Scott 20085 2007 Shelby 20094 2008 Sullivan 20094 2008 Weakley 20085 2007 Source: Comptroller's website at http://www.comptroller.tn.gov/pa/Schedule.asp accessed 9/4/2012. TACIR9