If you are a Davidson County resident, May 19th is a big day. Why, you may ask? The Metro Nashville and Davidson County Property Assessor’s office has assigned this date as the final day for appeals to the reappraisal of properties in the Davidson County area. What does this mean for you? Should you plan to file an appeal to your appraisal?
Why did we have a reappraisal?
State law requires a reappraisal of all taxable property every four years. But this reappraisal has made big headlines simply because of the tremendous growth Nashville has been experiencing since 2013. In fact, the median increase of property values in Davidson county is at 37%, a historic jump. In some areas the increase was over 90%!
It is important to remember that this is a reappraisal of property values and not a tax assessment. It is done to make sure property values are evenly distributed and nothing is lopsided, which can happen with growth at breakneck speed that the greater Nashville area has experienced.
What does the reappraisal mean to me?
While the idea of a reappraisal and a higher tax rate on your property might seem daunting, Nashville’s growth has great benefits to us as a community and to our homes. The housing boom has impacted the tax rate in a positive way as well. Because of more homes going on single lots or a single family home being replaced with a condo or townhome or apartment building, the tax rate has dropped by over one percentage point (4.5 to 3.16).
If you’re wondering if you’ll be paying more or less in property taxes, the answer is based on where you fall in the median of 37% property value increase. If your property is higher, plan to pay more in taxes. If your property is lower, you’ll pay less in taxes. Check out the map below.
Why May 19 should matter to you
The Property Assessor’s office sent out notifications of reappraisals on April 21 and April 28 to all Metro Nashville and Davidson County property owners. If you feel your reappraisal is incorrect, the Property Assessor’s office is accepting informal review appeals by May 19 at 4:00pm.
Make sure to visit www.padctn.org, to file an informal review. Remember, once May 19 passes, you will not have recourse to appeal. If you feel your reappraisal is not a fair assessment of your property’s value, get your appeal in today!