by TJ AndersonThis prediction from Dwell magazine, from late last year, just made its way into my Facebook feed: “Step Aside, Subway Tile — Penny Tile Is the New Classic.” Penny tile,
Nashville 2013 Property Reappraisals
by T.J. Anderson
If you own a home in Nashville, you probably found a property reappraisal in your mailbox recently. This was the first appraisal of Nashville homes since 2009 and since the recession. Depending on what part of the city you live in, this document could have proven to be either good news or bad news.
The Davidson County Assessor of Property office evaluates and estimates property values every four years based on sales data; this is done to restore fairness and equity as property values change over time but not uniformly throughout the county. According to state law, the county cannot profit from the reappraisals and has to adjust property tax rates after appraisals.
Post-reappraisal, the hardest-hit Nashville neighborhoods were the ones north of downtown, where values dropped an average of 13.47 percent. But in popular neighborhoods west and south of downtown—along West End Avenue and I-40 toward Bellevue and along I-65 South and Hillsboro Road through Hillsboro Village, Green Hills, and Brentwood—values went up.
East Nashvillians, however, got the best news, as many areas of that neighborhood experienced an increased value of 14 percent or more. We've seen it, and we believe it. Just this past weekend, T.J. Anderson Real Estate Partners sold a bungalow at 1013 Chicamauga Avenue; it went at lightning speed. Likewise, another East Nash bungalow—this one at 1027 McClurkin Ave.sold almost before we could put it on the market last week.
Home values were most dismal in Nashville suburbs. This highlights a trend in Music City of people wanting to live in or very near to the city's core, rather than commuting from the suburbs. “The market in the central city has done better than the outer ring of the county,” says George Rooker Jr., Metro’s property assessor. “People are coming back to the city.”
But if you live in a Nashville suburb and your home value is down, you don't necessarily need to fret, especially if you're hoping to sell your house in the near future.
Even in a neighborhood with declining values, homes that are in good condition and priced to sell are attracting buyers, reports The Nashville Ledger, which profiled an Antioch couple who recently sold their home very quickly in spite of Antioch home values being down 9 percent since 2009. And those who got news that their property is worth less will at least likely take comfort in seeing their property taxes go down.
Regarding commercial property in Nashville, it went up in value an average of 15 percent and rose in every Metro Council district. Rooker told the Ledger that Nashville’s strong economy explains the increase in the value of commercial property. Commercial property values rose the most (32.25 percent) in Green Hills, with the smallest increase (4.23 percent) in Goodlettsville.
If you recently found the Hey, great news, your home is worth more! Oh, and by the way, your tax bill rose by 25 percent? love letter from the tax assessor ofice in your mailbox and you have questions, let us know. T.J. has worked on the appeals board for the county, and can answer your questions. If you are dissatisfied with the appraisal of your property, a review may be requested. The informal process is April 15 - May 17. To file a request online, go to www.padctnwebpro.com to begin the process.
TJ Anderson is a Nashville Realtor with Benchmark Realty who's helped countless clients both buy a home and sell a home in Nashville, Tennessee. He blogs about Nashville regularly, from Nashville-area....
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