Nashville’s record reappraisal: Where have property values soared most?
Davidson County Property Assessor Vivian Wilhoite explains the upcoming reappraisal process and skyrocketing home values. Joey Garrison / The Tennessean
It’s a hard sell: We’re not raising your property taxes, but by the way, many of you will be paying higher taxes.
That’s the delicate message coming from Mayor Megan Barry and Davidson County Property Assessor Vivian Wilhoite as they prepare Nashvillians for a reappraisal in April when property values in the county are poised to increase on average by a record 34.5 percent.
This year's historically high appreciation — expected for some time now — is the byproduct of a booming city that has attracted young families and development to neighborhoods that were once neglected.
It’s good news for Nashville homeowners who have made money on their purchases. But some, particularly in rapidly changing areas, could be in for a surprise when they see their tax bills.
“This year is key. This year is major,” Wilhoite told a dozen or so Nashvillans at a community meeting at Edgehill last week. “And we want to make sure that you are informed of the options available to you.”
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In blue-collar neighborhoods near The Fairgrounds Nashville and Nolensville Pike such as Woodbine, appreciation has skyrocketed by an estimated average of 57 percent since 2013. That leads the entire city. Next is East Nashville communities west of Gallatin Pike such as Cleveland Park, McFerrin Park and East Hill, where values have soared on average by 50 percent.
Parts of downtown, Germantown, Salemtown, East Nashville’s Inglewood and The Nations in West Nashville — also gentrifying neighborhoods — have seen property values spike by an average of nearly 50 percent. Even South Nashville suburban neighborhoods near Edmondson Pike and Haywood Lane — not considered development hot spots — have seen increases of 46 percent.
In fact, all 35 Metro Council districts across Davidson County have seen property values jump by at minimum an average of 24 percent. The smallest bounce is Goodlettsville.
The figures are as of Dec. 1, but they’re expected to stay about the same when the final proposed reappraisal notices are mailed in April. County reappraisals in Tennessee occur every four years. The current record for Nashville is a 33 percent jump from 1993 to 1997.