NASHVILLE, Tenn. (WKRN) – It’s no secret property values in Davidson County are on the rise, but News 2 found out what it means for your tax rate.
Property assessments are done every four years. How your house compares to the county average will tell you if your property tax will go up or down.
The Davidson County Assessor’s Office estimates house reappraisals in 2017 will go up on average 35 percent, an average that is unprecedented.
“Typically, we don’t see anything like that,” said County Assessor George Rooker. “We normally see an average of 15 percent or even no increase.”
Rooker’s office will start reappraising every property in Davidson County next January, all 236,000 commercial and residential properties.
By the spring, homeowners should start getting notices in the mail that tell you what the government thinks your house is worth.
MORE: Copy of Appraisal Notice
“We do it by what it would sell for on the open market between a willing buyer and willing seller,” said Rooker. “Just a normal sales transaction.”
That will determine how much you’ll pay in property tax.
For instance, the Cleveland Park neighborhood in East Nashville saw the biggest property value increase at 45 percent.
Since that’s above the county’s 35 percent average, homeowners there will pay 10 percent more in property taxes than they did from 2013 to 2017.
On the contrary, if you live in some Antioch neighborhoods, your property taxes will go down. That’s because while property values did increase 16 percent, it’s still 20 percent below the county average. Rooker calls it a win-win.
The assessment process is to make sure everyone pays their fair share.
Davidson County only takes in more money if they raise the actual tax rate, which is something different.