With the arrival of property reappraisal notices in mailboxes across the county one of the most common questions being asked is, “Why reappraise properties in the middle of an economic downturn?” The answer to that question is simple: it’s required by State Law. Davidson County is obligated under a four year plan approved by the State Board of Equalization to reappraise every 4 years and 2009 is the year to do that again.

In Davidson County we have been fortunate to not suffer to the same degree as some other areas in terms of de-valuing property. In fact, from 2005 through the mid 2007 our property values increased faster than many areas. The last year and a half, however, have seen fewer sales with modest gains and during the last six months of 2008, prices have fallen. The median price for a home in the County in October 2007 peaked out at $181,650. That same home had lost value by January 2009 down to $177,000. What most won’t realize is that in January of 2005, when the last reappraisal numbers came out, that same home was valued at $154,000. The point being, that while values have fallen recently, they have not fallen below where they were early in the last reappraisal period.

So what happens with the new figures? State law mandates that a municipality cannot benefit from a windfall tax in a reappraisal year. That means the Certified Tax Rate will be reduced by a percentage amount equal to produce the same amount of revenue as the previous year. The result of that adjustment will mean that tax payers in the hot market areas will pay more because their property increased more than the countywide average increase. Tax payers in areas that suffered most from decline will pay less because their values are less than the countywide average and tax payers in between will pay about the same.

What should you do if you disagree with your reappraisal? You should request a review which can be done in one of three ways. You can file a request online at PADCTN.COM or you can do a review over the phone with an appraiser by calling 862-6083. If you would like to do an in person appeal you can call 862-6083 and set up an appointment to go into the Assessor’s Office.