More property owners appealed their tax assessment this year in Nashville -- and more were successful in winning a reduction.
More than 17,000 taxpayers filed appeals this year compared with 11,000 following the last reappraisal in 2013. This year, 63% had their values lowered according to assessor statistics. In 2013 the figure was 55%.
Record Jump in Values
The high number of appeals was the direct result of much higher property values. State law requires the reappraisal of all taxable property every four years. Nashville’s real estate market has boomed since 2013.
Property values increased an average 37% this year. Many areas saw much higher appreciation, including:
|77% in District 21 - North Nashville and the Buchanan Street District|
|66% in District 7 - Inglewood in East Nashville|
|63% in District 19 - Downtown, the Gulch, and Music Row|
|61% in District 20 - West Nashville, The Nations|
|55% in District 17 - parts of 12South, Wedgewood-Houston|
|53% in District 6 - East Nashville’s Lockeland Springs, Edgefield, Cayce Place|
The previous record was a 33% median property value jump in Nashville from 1993 to 1997.
Following a reappraisal, Metro must still collect the same amount in property tax revenue as the previous year. Therefore, a significant adjustment was made to the property tax rate. The 2017 tax rate for Urban Services District is $3.155, and the rate for General Services District is $2.755. Previously, the tax rate for Urban Services District was $4.516, and the rate for General Services District was $3.924.
Property tax statements were mailed in early October. The tax collection period is from October through the following February. Any taxes not paid in full by the last day of February are subject to interest. State legislation allows property owners to make partial payments during the tax collection period, but the total tax must be paid by the last day of February to avoid penalties and interest.