NASHVILLE, Tenn. (WTVF) — Property taxes in Metro Nashville have been the topic of debate for months. A charter referendum on the city’s property tax rate could send ripple effects across the county.
Before that happens, Metro officials want you informed about what these changes mean for your home.
The Metro Nashville property assessor’s office wants to make sure they have the most up-to-date information on your property. The results of their recent appraisal which were mailed to homeowners showed countywide property values increased by a median of 34.05 percent.
Mayor John Cooper announced the Certified Tax Rate or (CTR) and is expected to base his proposed budget for the upcoming fiscal year on this figure. State law requires a CTR to be set after each mass reappraisal like we had this year. The point of which is to keep local governments from generating tax revenue from properties all because of a sudden increase in value. Metro therefore cannot raise more revenue on existing construction than in the prior tax year.
County assessor Vivian Wilhoite says even though it’s only been a couple of weeks since the city’s latest property appraisal, the phone calls haven’t stopped.
It’s not that this call center hasn’t been busy in the past. There’s just much uncertainty with Metro’s property tax rate, that people want to know what to expect.
“Take a look at your value. We want to get it right and we want you to trust our product. If you disagree, appeal,” Wilhoite said.
The property tax calculator was built just for that reason. With it, homeowners can get an estimate of what their tax bill is based on the CTR. In this case, it’s $3.288 per $100 of assessed value or .03288.
Wilhoite says a pending vote to prevent Metro from any more property tax increases has only made it more important to get accurate information to property owners.
“Now more than ever we must get the values right. That’s how it has impacted us. To ensure that we are not only transparent to make sure that we’re using the right tools and be able to articulate the values to the property owner as to how we arrive there,” Wilhoite said.
Homeowners can call the property appraiser’s office to appeal their property values. The deadline for an informal review is May 21 at 4 p.m. If you miss the Informal Appeal period or disagree with the result of the appeal, you can schedule a Formal Appeal before the independent Metro Board of Equalization by calling 615-862-6059. You can schedule your appeal between May 24 and June 25.