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VOL. 39 | NO. 47 | Friday, November 20, 2015

Nashville property values increasing at 'historic' clip

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NASHVILLE (AP) - A Davidson County property assessor says he's expecting to see a "historic" rise in property values during Metro Nashville's next reappraisal.

According to The Tennessean (http://tnne.ws/21cmxJA), George Rooker Jr. told a newly created Metro Council Ad Hoc Affordable Housing Committee last week that he's estimating an average increase in residential property values of between 33 and 37 percent during the upcoming 2017 reappraisal.

The city's last appraisal in 2013 was a 5.3 percent increase over 2009.

"It will probably be the biggest increase we've ever seen since we started doing four-year reappraisals," Rooker said.

Rooker's projection would mark Nashville's single-largest spike in property values since the state of Tennessee in 1989 started requiring municipalities to reassess the value of properties every four years. The current record for Nashville is 33 percent from 19 93 to 1997.

Properties are appraised by taking into account property sales on a neighborhood-to-neighborhood basis.

Councilman Anthony Davis, whose District 7 tops the list for increases, said that he's not surprised by the change.

"Everyone wants to live in East Nashville now," Davis said, noting the affordability of communities like Inglewood. "The good news is that everyone's property value has gone up. The bad news is, conversely, you have to pay for that in higher taxes."

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TNLedger.com Knoxville Editon
RECORD TOTALS DAY WEEK YEAR
PROPERTY SALES 0 0 0
MORTGAGES 0 0 0
FORECLOSURE NOTICES 0 0 0
BUILDING PERMITS 0 0 0
BANKRUPTCIES 0 0 0
BUSINESS LICENSES 0 0 0
UTILITY CONNECTIONS 0 0 0
MARRIAGE LICENSES 0 0 0