Last week, Davidson County started mailing out their property tax appraisals for 2017. They do them every four years, so there’s a good chance your bill might have changed a bit.
For example, I just got the appraisal for a rental property I own in Woodbine. Four years ago, this property was worth $98,000 according to them. Now, they are valuing it at $160,000. That’s a pretty significant increase.
The average home has gone up in value by about 37% over the last four years. We’ve never seen numbers like this before, and they’ve been pretty eye-opening.
I wanted to let you know that an increase in value doesn’t necessarily mean an increase in your tax bill. In Davidson County, property taxes are a revenue-neutral instrument. This means that if your taxes go up by more than the average, you will see an increase in your tax bill. If your increase is less than the average (37% in this case), you’re likely to stay at the same level or maybe even see a decrease.
If you feel your property tax appraisal is inaccurate, you can log onto the metro website here and file an informal review. This is the first step in a process that also includes a formal hearing, should you choose to take it that far. You can use data on recent home sales to justify your argument of the home’s value, or you can just have an agent like us help out. We’d be happy to.
If you have any other questions for me, don’t hesitate to give me a call or send me an email. I would be glad to hear from you.