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| Newsletter - Fall 2011 | |
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In This Issue:
Sales Up, Home Inventory Decreases
Assessor's Office Flips Ahead A Couple Of
Calendar Pages To February 2012 And
TACIR Report: Recession Takes A Toll On Local Government Customers Rate Service Satisfaction For The 2011 Appeals Process ... And We Did GREAT! Davidson County Real Estate Shorts
Near-Downtown Mainstay Sevier Park Is
Music Row United Artists Tower Gets New
Historic Preservation Means More Than
Saving/ Tennessee Markets Respond Well In Latest FHFA House Price Index |
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Assessor's Office Formally Gets Positioned To Accept Informal Reviews In January 2012
It is at this point that the property owner may request an Informal Review. The Informal Review is NOT an appeal. It is, instead, a request for the Assessor to review the appraisal and assessment for the 2012 tax year. By law, the Assessor values property annually as of January 1. The Assessor compares the Property Value to the Market Value to arrive at a Taxable Value. The Taxable Value is then used for property tax calculations each tax year, with special attention given to sales transactions and market value. So, get ready, Davidson County property owners: The annual Informal Review process will formally begin in January 2012. Be sure and visit our web site at www.padctn.com to conveniently completed your Informal Review online. You may also find more information on the web about this service, along with the many others that are offered by the Assessor of Property for Davidson County TN. Sales Up, Home Inventory Decreases October 2011 Versus October 2010
Approximately 1,446 single-family homes sold in the nine-county Greater Nashville market in October, compared to 1,513 in September, but easily beat the sales from 2010. Inventory was roughly at an 8.5-month supply for 2011, compared to an 11-month supply last year. Some suggest that the shrinking inventory is an indicator of potential buyers staying on the sidelines, influenced by general economic uncertainty. Others believe that the market is poised to pick up quickly, following sustained news of recovery. The optimists maintain that although single-family home sales dropped 4.6 percent in October from their September levels, they bested last year. Pessimists point out that after a sales spring this summer, October was the second consecutive month-to-month dip. There is evidence that median prices are continuing to slip, and analysts do not expect much relief from that trend until the middle of 2012. Currently, the median price for a single-family home is ringing in at $162,000. In the Nashville Metro area, average homes are only expected to fall an additional 0.1 percent by the summer of 2012, according to the Fiserv Case-Shiller projections just released. (Fiserv Case-Shiller indexes measure the average change in home prices in a particular geographic market, covering more than 3,000 zip codes, 300 countries, and 100 metropolitan areas.)
Fiserv Case-Shiller projects that Nashville home
prices will gather a little momentum beginning with the second
quarter of 2012, then rise 3.7 percent by the summer of 2013.
Assessor's Office
Flips Ahead A Couple Of Calendar Pages To
February 2012
Tennessee law dictates that it is the duty of the Assessor to appraise and assess all Tangible Business Personal Property owned by for-profit businesses. Tangible Business Personal Property is defined as movable and touchable property used in business, and it includes such items as: Group 1: Furniture, Fixtures, General Equipment, and Property now included in another group Group 2: Computers, Peripherals, Copiers, Fax Machines, and Small Tools Group 3: Molds, Drills, and Jigs Group 4: Aircraft, Towers, and Boats Group 5: Manufacturing Machinery Group 6: Billboards, Tanks, and Pipelines Group 7: Scrap Properties Group 8: Raw Materials and Supplies Group 9: Vehicles Group 10: Construction in progress Davidson County has established an audit process to ensure that the reporting of Tangible Business Personal Property is completed in the most fair and even-handed manner possible. It starts with the mailing (before February 1) of a Tax Schedule B to each business owner and operator. The business owner or operator is required to complete the Tax Schedule B and submit it to the Assessor's office before March 1 of each year. Once a business owner or operator has complied with the filing process, the Assessor's office will review each submitted Tax Schedule B to determine that an accurate reporting of assets has taken place. In some cases, an inspection of the business premises may be required, or a detailed examination of records of purchase may be needed, to make a fair appraisal and assessment. Come May, the Assessor's office will mail an adjusted assessment to the businesses of Davidson County. If the business owner or operator does not agree with the revision, the owner may contact the Assessor's office to request a review. If the review does not result in an agreement, the business owner or operator may then file an appeal with the Metro Board of Equalization, which begins its sessions in June of each year. One special not to remember: Tax Schedule Bs may be conveniently filed online through the Assessor's web site at www.padctn.com. 'B' Online is accessible 24-hours-a-day, seven-days-a-week, from February 1 to February 29, 2012. TACIR Report: Recession Takes A Toll On Local Government
The biggest change in rising or falling property market values always appears after a mass reappraisal when values are updated to restore equity. Our last Davidson County quadrennial reappraisal in 2009 presented unusual challenges because housing prices in Tennessee had peaked in 2007 and 2008, even though they were in a freefall (eventually 40 percent to 50 percent down) in California, Nevada, Arizona, and Florida. National news media focused on the disastrous devaluation and the growing foreclosure crisis in those 'sand states' without mentioning state such as Tennessee where the market was still healthy. For Metro Nashville, the Housing Price Index, calculated by the federal government using qualified re-sales, showed prices still rising into the last quarter of 2008. Faced with a mass reappraisal of all real estate properties to be effective on January 1, 2009, Davidson County Assessor George Rooker Jr set out to quantify the effect that the housing bubble burst would have on our actual market values. "We were just seeing the initial signs of devaluation in the Nashville area market," he said, "but it was obvious that the pattern had been set to experience further falls in market value. Since reappraisal values are primarily based on prior year sales, if nothing was done, property appraisals that were put in place until 2013 would reflect the dramatic, continued boom of 2007-2008, just before our market began reacting to the sand state crisis." With the approval of the State Division of Property Assessment, Rooker and his staff researched and developed formulae to bring more fairness to the 2009 appraisals by recognizing the effect of the falling market. This approach was then followed in many other jurisdictions, including Shelby, Knox, and Hamilton counties, which were also performing mass appraisals at the same time. Based on the direction in which the market was headed, Rooker showed that the housing bubble would have both an immediate and multi-year effect on the present-day property values. The resulting adjustments reduced the higher values to those more realistic in the 2009 market. The outlook for all local governments across Tennessee, while less challenging than in many other states, still requires new strategies to deal with the prospect of historically low increases in taxable assessments during the next reappraisal cycle. Unlike Metro Nashville, a few jurisdictions have raised tax rates since the market fell in order to maintain services. In 20006, the Metropolitan Government of Nashville and Davidson County Charter was amended to require a public referendum on any tax increase that exceeds the tax rates effective on November 7, 2007. Its constitutionality has not been determined in courts, but, if deemed to be effective, there will only be a 56-cent difference between the current combined General Services District - Urban Services District rate and the $4.69 combined rate set as the ceiling. This means a tax hike of less than 12 percent would be available over the coming years without asking voters to approve a higher rate. Customers Rate Service Satisfaction For The 2011 Appeals Process ... And We Did GREAT! Click on each of the category 'boxes' to access results:
Davidson County Real Estate Shorts Near-Downtown Mainstay Sevier Park Is Slated For Overhaul
It is an urban square located in the historic community of 12th South and Belmont-Hillsboro, and soon this public playground called Sevier Park will be getting a make-over. The 20-acre park is scheduled to undergo extensive renovations to update its existing historic and recreational features, including the addition of a new community center. The proposed center will feature two stories for ample public use, including a fitness room, gymnasium, dance room, walking-running track, and game room.
The northwest zone, near where Kirkwood Avenue and 12th Avenue South meet, is set to feature an entrance driveway and parking, as well as Sunnyside Mansion's Grand Lawn. It is there that existing structures will be updated, with a terrace to be structured as an inviting gathering space. The Southwest area near Clayton Avenue and Granny White Pike will feature the playground, increased parking, and enhanced seating, while the southeast zone near Clayton Avenue and Leland Lane will compliment the new community center with a green infrastructure to improve storm water drainage. This renovation project is the sixth of eight recommended in the Countywide Parks & Greenways Master Plan.
Photos and article research courtesy of Metro
Nashville Parks & Recreation
Davidson County Real Estate Shorts
Square Mile Capital has purchased 50 Music Square West, formerly known as the United Artists Tower. It plans to reopen the nine-story building, re-branded as "50MSW" in Spring 2012, following an extensive rehabilitation project. The building has long faced uncertain times, often giving way to lawsuits connected to its development, but now its future is looking brighter. Christ McCarty, president of Square Mile Capital, explains his vision for the property: "50MSW will represent a diverse choice for businesses looking for space in a thriving urban community. With eight stories of open and flexible space offered at economically attractive prices, 50MSW (will allow) business in myriad industries to invent their own floor plans, a rarity in a district where converted single-family homes are the primary office option." The world-famous Jordanaires singing group originally developed the 60,000-square-food, octagonal-shaped building at the corner of Music Square West and South Street in 1974. Photo and article research courtesy of Nashville Post, www.nashvillepost.com
Davidson County Real Estate Shorts
Elliston Place has long been touted as Nashville's 'Rock Block,' "where loud, gritty concert venues mesh with an old-time soda shop and funky clothing stores." Recently, Southern Land Company broke ground to begin building Elliston 23, a multi-million-dollar complex of 331 apartments on top of upscale restaurants and boutique clothing stores, to be completed in 2013. Residentially, E23 will feature one-, two-, and three-bedroom apartments, estimated to range in rent from $1,000 to $2,500, with leasing to begin in the Fall of 2012. Southern Land Company has promised to try to keep the feel of Elliston Place, as they "have no intention of changing (the) culture. We're (simply) evolving it into the next generation." Photo and article research courtesy of The Tennessean, www.tennessean.com |
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Historic Preservation Means More Than Saving/Restoring Old Buildings For Nashville
Nashville is made up of neighborhoods filled with wonderfully flavorful 'corners,' most with their own incredible rich histories. And, because of Nashville's deep historical roots, a large number of its neighborhoods have been placed in Historical Zones or Districts. The Metropolitan Historical Commission (MHC) is the watchdog of all historical properties within Davidson County. It was created in 1966, specifically to document history, save and reuse the built environment, and to make the public more aware of the necessity and advantages of preservation. The MHC preserves, protects and documents the historical, historic places, buildings and neighborhoods of Davidson County through education, technical assistance, and advocacy. Historical preservation involves more than simply saving and restoring old buildings and sites of historical importance. There are solid economic and environmental benefits, not to mention numerous cultural and educational advantages, of historical preservation. Economically, a community benefits from increased property values and tax revenue when historical buildings are made the focal point of revitalization for a community. Plus, the conservation and maintenance of historic resources and scenic areas fosters civic beauty and bolsters community pride, and this, in turn, often leads to the improvement of business opportunities.
Rehabilitating historic property can even act as a catalyst toward energy efficiency. Preserving the energy represented by existing buildings, rather than expanding additional energy for new construction, can save countless dollars. Rehabbing old buildings, particularly those that are vacant, reduces the need for construction of new buildings which consumer land, energy, materials, and financial resources. There are also advantages for individual property owners when historical resources are preserved. In addition to stabilizing property values, historic designation offers financial incentives to those who rehabilitate. Currently, Davidson County lists over 4,065 buildings or structures in the National Register of Historic Places, individually or as part of a National Register Historic District. Most of these treasures cannot be preserved through individual efforts. Ultimately, it "takes a village" to ensure the retention of these irreplaceable assets.
Photo of the Belair House, top
right, courtesy of photographer Lester Jones |
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Tennessee
Markets Respond Well In Latest FHFA House
Price Index
The Nashville Metropolitan Statistic Area and most other Tennessee MSAs are performing well in recovery from the housing market plunge, according to the federal Housing Price Index (HPI). Nationally, the HPI, calculated by the Federal Housing Finance Administration, shows a 0.2 percent increase in the 2011 third quarter over the prior quarter. "In most regions of the country, third-quarter home values were relatively stable, even in some areas that experienced sharp prices declines in preceding quarters," said FHFA Principal Economist Andrew Leventis. "While most housing markets still face headwinds, the fact that some beleaguered states such as Idaho, Florida, and Utah saw quarterly price increases as a positive development."
Perhaps the better measure of market performance is the 5-year index, which places the Nashville, Chattanooga, and Knoxville markets in the top third of 306 MSAs. The Memphis market is ranked in the bottom half, but smaller markets like Kingsport and Johnson City show considerable gains. Kingsport MSA shows a 6.67 percent gain in the 5Y index, ranking 21st in the U.S. Johnson City comes in at 43rd with 4.03 percent, followed by Knoxville, 77th at 0.8 percent. Nashville is 94th at -0.87 percent, with Chattanooga in the 97th position, -1.28 percent, and Memphis at 155th, -8.65 percent. Memphis' market appears to be the hardest hit by the housing bubble burst. California, Florida, Arizona, and Nevada takes over the bottom of the chart, with a few western resort areas sprinkled among them. On a on-year basis, Kingsport is 18th, Knoxville 100th, Nashville4 104th, Chattanooga 160th, Johnson City 175th, and Memphis 207th. Select Housing Markets Show Improvement
Where In The World Can We House 7 Billion People? November, 2011, the world population hit 7 billion people! This means that the number of people on the planet has doubled over the last 50 years. With an individual born every second and life expectancy on the upswing, our world population is expected to reach 9 billion within 35 years. Where will they all live? Some of the ideas that follow seem wacky, but who's to say they wouldn't work?
Just so you know...Australia is poised to be the world's fastest growing nation over the next four decades, with a rate of population growth estimated to be higher than even India. Currently, there are over 22 million people and the world's most venomous snakes, that make up Australia's population. Two-thirds of the humans, but very few of the snakes, live in five major cities, all located on the coast. |
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While
our team of Appraisers makes every effort to ensure that all
unique characteristics of a property are considered in
establishing market value, property owners may disagree with the
resulting appraisal or classification.
The
Greater Nashville market's
single-family home sales increased 12.6 percent in October,
while inventory decreased 12 percent, compared with same month
2010 levels.
The
Tennessee Advisory Commission on Intergovernmental Relations
reports that the impact of an extended economic recession
continues to plague the finances of Tennessee's local
governments, particularly as related to property tax revenues,
which is the largest source of local tax revenue in all 95
counties (with the exception of Sevier County.)
Work
on the overhaul of the grounds will be distributed throughout
five zones, beginning with the northeast area near the corner of
Kirkwood Avenue and Leland Lane. The addition of multi-use
trails with footbridges, enhanced active play areas, and
hillside boulder seating, bring the promise of more traffic to
this already popular area.
Late
2011 is finally showing market improvement in certain key
markets across the country, says the National Association of
Home Builders/First American Improving Markets Index (NAHB/IMI).
While the Nashville/Tennessee market has not yet made the NAHB
list, several national publications cite it as one of the cities
likely to be at the forefront of an upswing in the housing
market. For local builders, this could be cause for
optimism in 2012!
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Assessor of Property for Davidson County, TN P.O. Box 196305 * Nashville, TN 37219-6305 Physical Address: 700 2nd Ave S, Suite 210 * Nashville, TN 37210 Phone (Main Line): (615) 862-6080 Open 8 a.m. to 4:30 p.m. Monday - Friday |