N A SH V I L L E O N T H E M O V E George L. Rooker Jr. Property Assessor Cer ti fi cate of Ex cel l en ce i n A ssessm en t A d m i n i str ati on A w ar d ed 2 0 1 2 Davidson County, TN Assessor’s Office
Your house as seen by yourself… Davidson County, TN Assessor’s Office
Your house as seen by your buyer… Davidson County, TN Assessor’s Office
Your house as seen by your lender… Davidson County, TN Assessor’s Office
Your house as seen by your appraiser… Davidson County, TN Assessor’s Office
Your house as seen by your assessor… Davidson County, TN Assessor’s Office
The truth about Assessors… We don’t set the menu. We don’t set the prices. We just want to be fair. Steve ($20) Chuck ($10) Larry ($30) GUEST CHECK Lobster $30 Steak $20 Chicken $10 T otal $60 Davidson County, TN Assessor’s Office
Where the Money Goes Other, 2% Health and Social Services, 4% Pubilic Safety, 22% Debt Services, 10% Recreation and Culture, 4% General Government, 13% Education, 41% Infrastructure and Transportation, 4% Source: M etro Nashville Budget 2014-2015 Davidson County, TN Assessor’s Office
Where the Money Comes From Fund Balance, 4% Local Option Sales Tax, 17% Property Taxes, 49% Grants and Contributions, 19% All Other Revenues, 11% Source: M etro Nashville Budget 2014-2015 Davidson County, TN Assessor’s Office
Tennessee Property Tax System State Constitution establishes an ad valorem tax system. Assessment function separate from Taxation function. Taxation function assigned to Assessment function assigned to county/city legislative bodies. Property Assessors. State Comptroller’s Division of Property Assessments monitors assessment and State Board of Equalization hears appeals, sets rules, approves Certified Tax Rate. Assessor identifies, lists, appraises, classifies all County/ City M ayor presents annual budget to county legislative body, which sets tax rate to taxable property to achieve equity in values and apply to the assessment roll. prepares annual assessment roll. In 1993, the State Board approved a four-year cycle for reappraisal for the major metropolitan counties. County Trustee takes the assessment roll and applies the tax rate to calculate taxes due; mails tax bills and collects the taxes. Davidson County, TN Assessor’s Office
2017 Reappraisal Reappraisals are mandated by the state legislature to occur every four, five, or six years. Davidson County is on a four-year cycle. The purpose of a reappraisal is to bring property values to current market value and maintain equalization through the county. During the second year of the cycle, we develop a sales ratio study that is primarily used to determine the overall level or appraisal within the jurisdiction. Davidson County, TN Assessor’s Office
New Single Family Dwellings Built 2500 2000 2109 1500 1587 1293 1216 1195 1000 930 500 0 2009 2010 2011 2012 2013 2014 Increase of 63% from 2011 to 2014 Davidson County, TN Assessor’s Office
Increases New Parcel Count Business Personal Property Accounts 26,000 4,000 25,000 3,500 24,000 3,000 23,000 2,500 22,000 2,000 21,000 1,500 20,000 1,000 19,000 500 18,000 0 2009201020112012201320142015 2009 2010 2011 2012 2013 2014 2015 Increase of 19% Increase of 572% From 2011 to 2015 From 2011 to 2015 Davidson County, TN Assessor’s Office
Increases New Completed Buildings New Construction Permits Issued 3000 4000 3500 2500 3000 2000 2500 2000 1500 1500 1000 1000 500 500 0 0 2009 2010 2011 2012 2013 2014 2009 2010 2011 2012 2013 2014 Increase of 112% Increase of 153% From 2011 to 2015 From 2011 to 2015 Davidson County, TN Assessor’s Office
Average Home Values in U.S. Davidson County, TN Assessor’s Office
Average Home Values in Tennessee Davidson County, TN Assessor’s Office
Trend Lines- County Wide Sales Index from 2005 Reappraisal through December 2015 Davidson County, TN Assessor’s Office
Sales Index 1.3 1.25 1.2 1.15 1.1 1.05 1 Apr-13 Nov-13 Apr-14 Nov-14 Apr-15 Jul-15 Oct-15 Nov-15 Jan-13 Feb-13 M ar-13 M ay-13 Jun-13 Jul-13 Aug-13 Sep-13 Oct-13 Dec-13 Jan-14 Feb-14 M ar-14 M ay-14 Jun-14 Jul-14 Aug-14 Sep-14 Oct-14 Dec-14 Jan-15 Feb-15 M ar-15 M ay-15 Jun-15 Aug-15 Sep-15 Dec-15 Davidson County, TN Assessor’s Office
Median Sales Price in Davidson County- Residential Houses $240,000 $220,000 $200,000 $180,000 $160,000 $140,000 $120,000 $100,000 $80,000 $60,000 $40,000 $20,000 $0 2009 2010 2011 2012 2013 2014 2015 $135,000 $139,205 $148,900 $148,000 $149,557 $183,000 $231,323 Source: M ultiple Service Listing (M LS) Activity Report. Davidson County, TN Assessor’s Office
Values from 2013 to 2016 Based On Sales Ratio Results Council Percent Districts Increase 05 45.3% 20 41.3% 16 38.9% 07 37% 06 35.4% 12 16.2% 32 15.8% 10 15.2% 11 14.8% 01 14.6% DARKEST RED: MOST INCREASE DARKEST BLUE: LEAST INCREASE Davidson County, TN Assessor’s Office
Values from 2013 to 2016 Based On Sales Ratio Results Davidson County, TN Assessor’s Office
2015 Median Sales Price for Single Family Homes by Council District $700,000.00 Median Sale Price $231,323 $600,000.00 $500,000.00 $400,000.00 $300,000.00 $200,000.00 $100,000.00 $0.00 Davidson County, TN Assessor’s Office
Median Sales Price Per Single Family Davidson County, TN Assessor’s Office
2015 Median Price per Square Foot by Council District $260.00 Median Price per Square Foot $118.44 $240.00 $220.00 $200.00 $180.00 $160.00 $140.00 $120.00 $100.00 $80.00 $60.00 $40.00 $20.00 $0.00 Davidson County, TN Assessor’s Office
Median Sales Price Per Square Foot Davidson County, TN Assessor’s Office
Assessed Contributions by Council Districts Davidson County, TN Assessor’s Office
Assessed Contributions by Council District 01 29 28 05 09 30 27 07 03 19 08 34 12 13 20 25 32 16 15 02 06 26 23 33 24 31 14 11 21 22 35 17 10 04 18 Davidson County, TN Assessor’s Office
Nashville’s Accolades Named to “The 10 Best Places to “The South’s Red-Hot Town” Live” -Times Magazine 2014 -Men’s Journal 2015 “ Bridgestone Arena, “#4 Most Affordable Big Cities” 2014 Arena of the Year ” -Kiplinger 2014 -Pollstar 2015 “ Top Ten Best Cities for Business ” “Friendliest Cities in America” -Forbes 2014 -Conde’ Nast Traveler 2014 “#4 Best Fourth of July “Opry Mills, Top Shopping Fireworks in the USA” Destination in the South” - Fodor 2015 -Groups Today Magazine 2014 “#2 Best U.S Cities for “Best City for Music Scene” Getaways” -Travel + Leisure 2015 -Travel + Leisure 2015 Davidson County, TN Assessor’s Office
Recently Completed Structures in Nashville First Tennessee Ballpark Ascend Amphitheater Located on 1 st Ave and Vietnam Veterans Parkway Located at the Old Sulphur Dell site on Jackson Street Seating capacity of 6,800 11-acre park that includes Home of the Nashville Sounds fitness circuit, dog park, soccer field-size green space, 10,000 seat facility. basketball hoops, game board, $38 million Minor League Ballpark with parking garage to swings and connects to the Cumberland greenways open shortly afterwards. $52 Million project. Opened April 17 th 2015. Opened July 30 th , 2015 Davidson County, TN Assessor’s Office
Recently Completed Structures in Nashville 1212 Gulch Crossing Project Located on Demonbreun and termed the Gateway to the Gulch. This mixed use building features retail space for 50 retailers Located at 12 th and Laurel in the Gulch (including: a restaurant, a full service grocery store, access from 23 story luxury condominium complex with Demonbreun to 11 th avenue.) 286 units. It stands 270 feet tall. $78 Million project, Opened July 2015 $80 million project is now open and selling units. Davidson County, TN Assessor’s Office
Under Construction in Nashville 1922 Broadway OneC1TY Located at Charlotte Avenue This 18.7 acres will include 1 million square feet of office space; 600 apartments/condos; 35,000 square feet of retail; 60,000 square feet of restaurants; 150-room hotel Located on 20 th and Broadway. and 4.5 acres of civic and green space. The building will be a 25-story glass tower that will feature This project is estimated to cost $400 Million and will be 150-175 boutique hotel, 120-150 high-end condos. opening in phases. No estimated values have been released Davidson County, TN Assessor’s Office
Under Construction in Nashville HCA Parallon and Sarah Cannon Division Headquarters Located in the Gulch and Charlotte Avenue This 16 Story, 500,000 square foot office building to hold2,000 jobs for HCA. $200 Million project under construction and will be open late 2016. The Thompson Located at Gulch at 11th and 12th avenue 224 room mixed use hotel with an indoor/outdoor rooftop. It will be 12 stories high and have a It is located in the intersection. This project is estimated to cost $52 million and will be complete in the summer of 2016. Davidson County, TN Assessor’s Office
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