Homeowners: Prepare for higher property tax bills
David Plazas, firstname.lastname@example.org:02 a.m. CDT August 7, 2016
There is a looming housing challenge that will touch middle-class people in Nashville, and it requires the urgent attention of city leaders, residents and homeowners.
That challenge is Davidson County's quadrennial property reappraisal in 2017, which will lead to substantial property tax increases for homeowners in the parts of town where home values have risen the most.
The rise of property values is generally a good thing for homeowners, and Davidson home values areestimated by the county Property Assessor's Officeto have grown on average between 33 percent and 37 percent from the last reappraisal in 2013.
That growth along with new construction will almost certainly create a windfall for Metro Nashville-Davidson government, where 49 percent of the city's operating budget revenue presently comes from property tax revenue.
However, Nashville's property taxation system is directly tied to home values, which means if a house in a hot area of town has doubled, so will the tax bill.
(Calculate your tax bill using the Assessor's Office tax estimator at www.padctn.org.)
That does not bode well for financially strapped or longtime residents who purchased their homes in the pre-gentrification and pre-boom eras. They may not be able to afford to stay in their homes.
A new wave of neighborhood displacement could ensue, which is ironic in a city whose residents, through the NashvilleNext planning process, and Mayor Megan Barry have declared affordable housing a top concern.
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