NASHVILLE, Tenn. (WTVF) — The average property in Nashville is worth 34% more than it was four years ago, according to the Davidson County Property Assessor.
"As a result of the reappraisal we have observed that there has been a 34% median average increase in property values since the last property appraisal in 2017," said Vivian Wilhoite, the property assessor.
This heat map shows the average increases in each Metro Council District.
According to Wilhoite, Nashville continues to be a hot market, therefore property values are appreciating quickly.
"People are still building in light of a pandemic," Wilhoite said.
Every four years, it is required by state law that property values be assessed.
State law requires that a Certified Tax Rate be set after each mass reappraisal. The goal is to prevent local governments from realizing a windfall in tax revenues as a result of the reappraisals.
"It is not designed to push anyone out of their home. It is something required by law for us to do and in order for us to stop doing it then the law has to be changed," Wilhoite said.
Wilhoite encourages owners of any type of property in Metro to appeal their valuation if they disagree with it.
"We do believe we provide a very good product to Nashville, Davidson County, but guess what, this opportunity exists now for the informal review. And it exists before the independent Metro Board of Equalization, which is the formal appeal and it also exists at the state as well with the State Board of Equalization," she said.
The recommendation is to start with the informal review. That process can begin online, at the assessor's office or by calling 615-862-6059. The Metro Board of Equalization would be next. In 2017, more than half of the appeals to that Board resulted in changed values. You have until May 21st to appeal your valuation.
