Final reappraisal: Nashville property values soar by record 37 percent
Cleveland Park, McFerrin Park and East Hill used to be parts of East Nashville ignored by developers.
But now this area is a magnet for home makeovers, new restaurants and urban-inspired condos, setting the pace for the city’s massive increase in property values.
Reappraisal notices are in the mail, and the spike is even larger than expected.
Spurred by Nashville's breakneck growth, Davidson County's property values have soared by a record median 37 percent since 2013 under a reappraisal performed by the office of Davidson County Property Assessor Vivian Wilhoite. The reappraisal accounts for commercial and residential properties.
Wilhoite, in her first year in that role, informed Metro Council members of the final reappraisal figure in a letter Friday. She said property owners should begin receiving mailed notices of the changes in values as early as Friday.
In Nashville's most rapidly gentrifying neighborhoods — including large stretches of East Nashville, parts of North Nashville, The Nations in West Nashville, and Wedgewood-Houston near the city’s fairgrounds — values have skyrocketed the most.
It means these neighborhoods will be taking on a significantly larger tax burden than they’re accustomed.
“The growing demand for real estate in the Nashville market drives up values,” Wilhoite said.
BRISTOL, TN mansion with a heated swimming pool and a pool house. Built in 1892, this home features 5 bedrooms, 4.5 baths, and over 4500 sq ft of living area. - all for under $300K.
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1917 riverfront home in Palatka, FL – $399K for 3800 sq ft on .65 acre
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