EAST NASHVILLE, Tenn. (WTVF) — Property assessments in Nashville are causing major sticker shock for homeowners.
One East Nashville family's home is now valued at $838,000, nearly six times what they paid in 2012.
County-wide property assessments show dramatic increases. The median value increase across the county is a staggering 45% since the 2021 assessment, meaning some areas saw values increase even more. These figures are significant for homeowners because if a property's value has increased more than 45%, they will likely see higher property taxes later this year.
Jabari Martin's family purchased their home on Boscobel Street for $155,000 in 2012. Since then, they've updated their deck and added a fence. This year, their property was assessed at $838,000, representing a 105% increase from the last reappraisal four years ago.
"I cringe to think what happens when the stadium's done, the East Bank development is done, and we've hosted a Super Bowl," Jabari Martin said.
When assessing property values, the assessor's office considers factors like recent neighborhood sales, permit applications, and the age and size of houses.
In the case of the Martin's home, the Assessor's Office has appraised their property at $837,900 total, which breaks down to roughly $627 per square foot.
However, when I reviewed actual home sales in the Martin's neighborhood over the past year, using the Assessor's system, I found the average sale price was about $423 per square foot.
This suggests Metro's valuation for the Martin's home may be higher than the average sale prices in the immediate area.
"I'm assuming they want us to tear it down, put two skinny homes side-by-side, live in one, and sell the other. As a family, that's not on our agenda to do," Martin said.
Now through May 9, Davidson County property owners can request an Informal Review with the Assessor's Office by phone or online. Homeowners should be prepared to provide sales data and details about any home updates.
For those who prefer an in-person option, Formal Appeal appointments with the Metro Board of Equalization or a Hearing Officer open May 12.
State law requires that when property values increase, the tax rate must decrease, preventing counties from generating additional revenue from reappraisals.
Mayor Freddie O'Connell is likely to address property assessments during his State of Metro Address on Thursday, May 1, at 10 a.m.
Have you received your property assessment? I'd love to hear how it compares to previous years and what impact it might have on your finances. Email me at hannah.mcdonald@newschannel5.com to share your story.
This story was reported by me and has been converted to this platform with the assistance of AI. Our editorial team verifies all reporting on all platforms for fairness and accuracy.
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