Nashville property values increased 45% since 2021, according to city assessment
Add Axios as your preferred source to
see more of our stories on Google.
Property values in Davidson County shot up an average of 45% in the last four years, according to new data released Friday by Assessor of Property Vivian Wilhoite.
Why it matters: The citywide assessment, which Wilhoite's office oversees every four years, is another illustration of Nashville's booming real estate market.
- The process also sets the stage for a likely debate over potential property tax hikes.
The intrigue: Wilhoite's office released a heat map showing how some Council districts gained value faster than others.
- Southwest Davidson County saw the highest property value increases. Portions of Bellevue, Belle Meade, Oak Hill and Forest Hills went up more than 50%.
- The Donelson area saw values climb the slowest, although they still shot up by nearly 40%.
How it works: State law forbids local governments from making more tax revenue from the required reappraisal process. Nashville's current property tax rate will be adjusted down by about 45% so that the city's total haul remains the same.
Yes, but: Property owners who saw their values increase by more than the countywide average could still see their bills tick up.
What's next: Owners can request a review of their reappraisal online at www.padctn.org or by calling 615-862-6059. The deadline to request an informal review is May 9.
- If a property owner wishes to appeal the informal review decision, they can schedule a formal appeal through the independent Metro Board of Equalization beginning May 12.
Reality check: Mayor Freddie O'Connell is likely to propose a citywide property tax increase as part of his upcoming budget.
- Such a hike, which would increase every owner's tax bill, would need Metro Council approval.