Brace yourselves Nashville. Reappraisal notices are coming.
Over the past few years, homeowners in Nashville have enjoyed home values increasing on average 10% year over year. Of course, with the higher home values, eventually comes higher property taxes. As reported in the Tennessean, reappraisal notices are now in the mail and the median property value increase is a record 37%, which was slightly more than the projected 34.5%.
The neighborhoods that increased the most are:
- Cleveland Park – 93% median increase
- McFerrin Park – 93% median increase
- North Nashville – 77% median increase
- Inglewood – 66% median increase
- Salemtown, Germatown, The Gulch, Music Row – 63% median increase
- West Nashville, The Nations – 61% median increase
- 12 South, Wedgewood Houston – 55% median increase
Map of Davidson County Property Value Increases
According to the article, because we’ve seen home values skyrocket, there’s a chance that the adjusted tax rate could drop below $3.25 – the lowest since the adjusted tax rate was $3.17 in 1984.
So how do you know if your taxes will go up or down?
If your property appreciated more than the countywide average of 37%, then you should expect to pay more in property taxes.
You can also review your individual property assessments at the Davidson County Assessors Website and contact the assessors office is if you wish to file an appeal.