Nashville has become a city of construction cranes, a place where tall condos have uprooted one-story buildings and where neighborhoods once avoided are today the prize of developers.
Now, the red-hot real estate market is expected to lead to a “historic increase” in property values during the next reappraisal.
Davidson County Property Assessor George Rooker Jr. is estimating an average increase in residential property values of between 33 and 37 percent when Metro’s next property reappraisal comes in 2017. Appreciation varies by neighborhood, with rapidly developing communities — Inglewood and other parts of East Nashville, for example — seeing the largest gains in property values over the past two years.
The city’s last appraisal in 2013 was a 5.3 percent increase over 2009.
The anticipated increase would mark Nashville’s single-largest spike in property values since the state of Tennessee in 1989 started requiring municipalities to reassess the value of properties every four years. The current record for Nashville is 33 percent from 1993 to 1997. (continue reading at Tennessean)