Property Assessor Presentation - District 17

Nashville ON THE MOVE

George L. Rooker Jr. Property Assessor

Certificate of Excellence in Assessment Administration Awarded 2012

Davidson County, TN Assessor’s Office

Your house as seen by yourself…

Davidson County, TN Assessor’s Office

Your house as seen by your buyer…

Davidson County, TN Assessor’s Office

Your house as seen by your lender…

Davidson County, TN Assessor’s Office

Your house as seen by your appraiser…

Davidson County, TN Assessor’s Office

Your house as seen by your assessor…

Davidson County, TN Assessor’s Office

The truth about Assessors…

We don’t set the menu. We don’t set the prices.

We just want to be fair.

Steve

Larry

($20)

Chuck

($30)

GUEST CHECK Lobster Steak Chicken Total

Davidson County, TN Assessor’s Office

$30 $20 $10 $60

($10)

Where the Money Goes Other, 2% Pubilic Safety, 22%

Health and Social Services, 4% Debt Services, 10%

Recreation and Culture, 4% General Government, 13% Infrastructure and Transportation, 4% Davidson County, TN Assessor’s Office

Education, 41%

Source: Metro Nashville Budget 2014-2015

Where the Money Comes From Fund Balance, 4% Local Option Sales Tax, 17%

Property Taxes, 49%

Grants and Contributions, 19%

All Other Revenues, 11% Source: Metro Nashville Budget 2014-2015

Davidson County, TN Assessor’s Office

Tennessee Property Tax System State Constitution establishes an ad valorem tax system.

Assessment function separate from Taxation function.

Assessment function assigned to Property Assessors.

Taxation function assigned to county/city legislative bodies.

State Comptroller’s Division of Property Assessments monitors assessment and State Board of Equalization hears appeals, sets rules, approves Certified Tax Rate.

Assessor identifies, lists, appraises, classifies all taxable property to achieve equity in values and prepares annual assessment roll.

County/City Mayor presents annual budget to county legislative body, which sets tax rate to apply to the assessment roll.

In 1993, the State Board approved a four-year cycle for reappraisal for the major metropolitan counties.

County Trustee takes the assessment roll and applies the tax rate to calculate taxes due; mails tax bills and collects the taxes.

Davidson County, TN Assessor’s Office

2017 Reappraisal Reappraisals are mandated by the state legislature to occur every four, five, or six years. Davidson County is on a four-year cycle. The purpose of a reappraisal is to bring property values to current market value and maintain equalization through the county. During the second year of the cycle, we develop a sales ratio study that is primarily used to determine the overall level or appraisal within the jurisdiction.

Davidson County, TN Assessor’s Office

New Single Family Dwellings Built 2500

2000

2109

1500

1587 1293

1216

1195

1000

930 500

0 2009

2010 2011 2012 2013 Increase of 63% from 2011 to 2014

Davidson County, TN Assessor’s Office

2014

Increases New Parcel Count

Business Personal Property Accounts

4,000

26,000

3,500

25,000

3,000

24,000

2,500

23,000

2,000

22,000

1,500

21,000

1,000

20,000

500

19,000

0

18,000 2009 2010 2011 2012 2013 2014 2015 Increase of 572% From 2011 to 2015

Davidson County, TN Assessor’s Office

2009201020112012201320142015 Increase of 19% From 2011 to 2015

Increases

New Completed Buildings

New Construction Permits Issued 3000

4000 3500

2500

3000 2000

2500 2000

1500

1500

1000

1000 500

500 0

0 2009 2010 2011 2012 2013 2014 Increase of 112% From 2011 to 2015 Davidson County, TN Assessor’s Office

2009 2010 2011 2012 2013 2014 Increase of 153% From 2011 to 2015

Average Home Values in U.S.

Davidson County, TN Assessor’s Office

Average Home Values in Tennessee

Davidson County, TN Assessor’s Office

Trend Lines- County Wide Sales Index from 2005 Reappraisal through December 2015

Davidson County, TN Assessor’s Office

Jan-13 Feb-13 Mar-13 Apr-13 May-13 Jun-13 Jul-13 Aug-13 Sep-13 Oct-13 Nov-13 Dec-13 Jan-14 Feb-14 Mar-14 Apr-14 May-14 Jun-14 Jul-14 Aug-14 Sep-14 Oct-14 Nov-14 Dec-14 Jan-15 Feb-15 Mar-15 Apr-15 May-15 Jun-15 Jul-15 Aug-15 Sep-15 Oct-15 Nov-15 Dec-15

Sales Index

1.3

1.25

1.2

1.15

1.1

1.05

1

Davidson County, TN Assessor’s Office

Median Sales Price in Davidson County- Residential Houses $240,000 $220,000 $200,000 $180,000

$160,000 $140,000 $120,000 $100,000 $80,000

$60,000 $40,000 $20,000 $0

2009 $135,000

2010 $139,205

2011 $148,900

2012 $148,000

2013 $149,557

2014 2015 $183,000 $231,323

Source: Multiple Service Listing (MLS) Activity Report.

Davidson County, TN Assessor’s Office

Values from 2013 to 2016 Based On Sales Ratio Results Council Districts 05 20 16 07 06

12 32 10 11 01

Percent Increase 45.3% 41.3% 38.9% 37% 35.4%

16.2% 15.8% 15.2% 14.8% 14.6%

DARKEST RED: MOST INCREASE DARKEST BLUE: LEAST INCREASE

Davidson County, TN Assessor’s Office

Values from 2013 to 2016 Based On Sales Ratio Results

Davidson County, TN Assessor’s Office

2015 Median Sales Price for Single Family Homes by Council District $700,000.00

Median Sale Price $231,323 $600,000.00 $500,000.00 $400,000.00

$300,000.00 $200,000.00

$100,000.00 $0.00

Davidson County, TN Assessor’s Office

Median Sales Price Per Single Family

Davidson County, TN Assessor’s Office

2015 Median Price per Square Foot by Council District $260.00 $240.00

Median Price per Square Foot $118.44

$220.00 $200.00 $180.00 $160.00 $140.00 $120.00 $100.00 $80.00 $60.00 $40.00 $20.00 $0.00

Davidson County, TN Assessor’s Office

Median Sales Price Per Square Foot

Davidson County, TN Assessor’s Office

Sale Date Range January 1, 2015 to January 1, 2016

Davidson County, TN Assessor’s Office

Assessed Contributions by Council Districts

Davidson County, TN Assessor’s Office

Assessed Contributions by Council District 27 01 07 03 12 13

09 29 28 05 30 19

08

34

20

25

32 16 02 06 26 33 31

15 23 14

24

11

22 35 10 18 04 17

Davidson County, TN Assessor’s Office

21

Nashville’s Accolades “The South’s Red-Hot Town” -Times Magazine 2014

“Bridgestone Arena, 2014 Arena of the Year”

Named to “The 10 Best Places to Live” -Men’s Journal 2015

“#4 Most Affordable Big Cities” -Kiplinger 2014

-Pollstar 2015

“Top Ten Best Cities for Business”

“Friendliest Cities in America”

-Forbes 2014

-Conde’ Nast Traveler 2014

“#4 Best Fourth of July Fireworks in the USA”

“Opry Mills, Top Shopping Destination in the South”

-Fodor 2015

-Groups Today Magazine 2014

“#2 Best U.S Cities for Getaways” -Travel + Leisure 2015

Davidson County, TN Assessor’s Office

“Best City for Music Scene” -Travel + Leisure 2015

Recently Completed Structures in Nashville First Tennessee Ballpark

Located at the Old Sulphur Dell site on Jackson Street Home of the Nashville Sounds 10,000 seat facility. $38 million Minor League Ballpark with parking garage to open shortly afterwards.

Opened April 17th 2015.

Davidson County, TN Assessor’s Office

Ascend Amphitheater

Located on 1st Ave and Vietnam Veterans Parkway Seating capacity of 6,800 11-acre park that includes fitness circuit, dog park, soccer field-size green space, basketball hoops, game board, swings and connects to the Cumberland greenways $52 Million project.

Opened July 30th, 2015

Recently Completed Structures in Nashville 1212 Gulch Crossing Project

Located at 12th and Laurel in the Gulch 23 story luxury condominium complex with 286 units. It stands 270 feet tall. $80 million project is now open and selling units.

Davidson County, TN Assessor’s Office

Located on Demonbreun and termed the Gateway to the Gulch.

This mixed use building features retail space for 50 retailers (including: a restaurant, a full service grocery store, access from Demonbreun to 11th avenue.) $78 Million project, Opened July 2015

Under Construction in Nashville 1922 Broadway

OneC1TY

Located on 20th and Broadway.

The building will be a 25-story glass tower that will feature 150-175 boutique hotel, 120-150 high-end condos.

No estimated values have been released

Located at Charlotte Avenue This 18.7 acres will include 1 million square feet of office space; 600 apartments/condos; 35,000 square feet of retail; 60,000 square feet of restaurants; 150-room hotel and 4.5 acres of civic and green space.

This project is estimated to cost $400 Million and will be opening in phases.

Davidson County, TN Assessor’s Office

Under Construction in Nashville HCA Parallon and Sarah Cannon Division Headquarters Located in the Gulch and Charlotte Avenue This 16 Story, 500,000 square foot office building to hold2,000 jobs for HCA. $200 Million project under construction and will be open late 2016.

The Thompson Located at Gulch at 11th and 12th avenue 224 room mixed use hotel with an indoor/outdoor rooftop. It will be 12 stories high and have a It is located in the intersection. This project is estimated to cost $52 million and will be complete in the summer of 2016.

Davidson County, TN Assessor’s Office

Under Construction in Nashville Westin Hotel

Located near the roundabout beside the Music City Center and Clark.

This 27 story hotel will have 454 rooms. Includes an 8,500 Square foot restaurant, commercial and retail space as well as 25,800 square feet of meeting rooms and facilities. $120 million project is currently under construction and will be complete in fall 2016.

Davidson County, TN Assessor’s Office

JW Marriott

Located at the SW corner of 8th Ave South and Demonbreun Street 35 story with 533 rooms, would be downtowns 3rd largest hotel. The existing building has been torn down to make way for the new construction. $350 Million project is scheduled to be complete in early 2018.

Under Construction in Nashville Bridgestone

Located in the SoBro area at 4th Avenue.

This 30-story tower will house Bridgestone's U.S. headquarters. It will have 506,000 square feet of office, with ground-floor retail. It is estimated to cost around $200 million and open mid-2017.

Davidson County, TN Assessor’s Office

SoBro Apartment Complex

32 story Tower 313 Luxury Apartments, Retail and Restaurants as well as an underground 500 space parking garage. $90 Million and is under construction now.

Under Construction in Nashville Aertson Midtown

SkyHouse

Located across from the Vanderbilt Campus on 21st Ave South.

17 Story 600,000 Square foot 350 unit apartment complex.

It also features a 180 room full service hotel and an additional 35,000 square feet of retail space and 630 parking spaces.

It is currently under construction and will cost about $100 Million.

Located on 17th and Broadway.

25 story 352 unit Apartment Building with ground level retail space of 10,000 square feet. $65 million proposed project will be complete in 2017.

Davidson County, TN Assessor’s Office

Under Construction in Nashville 1201 Demonbreun

Located in the SoBro district at 1201 Demonbreun 275,000 square foot office building with retail. $97 Million project is currently under construction

Davidson County, TN Assessor’s Office

Element Music Row

Located at 1515 Demonbreun near Music Row. 19 story tower with 431 unit apartment building. $100 Million plus project that is currently under construction.

Proposed Projects in Nashville Crescendo

Located at 641 Division Street 23- story building on 1.8 acres and is expected to include 303 luxury apartments with 36,000 sq. ft. of retail space and a 600 car parking garage $75 Million proposed project

Davidson County, TN Assessor’s Office

Gulch Skyscrapper

Located at the corner of 12th Ave South and Division St. This 38-story building will potentially be the tallest in the Gulch area and in the top five of tallest buildings in Nashville. The tower is estimated to have between 250 and 300 multifamily units. No price tag has been determined.

Signature Projects in Nashville 505

Located at the corner of 5th and Church, this tower will be the second tallest building in Nashville’s skyline. It will be 543 feet tall, 45 stories and have 550 apartments. The top third of the building will have condos that are accessible from a separate lobby and elevator. This $169 Million dollar project has started and is expected to open in 2017.

Davidson County, TN Assessor’s Office

5th + Broadway

This will sit on the existing convention center site which has 6.2 acres. This $400 million project will refurbish and revitalize the old convention center. The project will featured an apartment tower with 300-plus units, an office tower of roughly 300,000 square feet, and 205,000 square feet of retail, restaurant and entertainment space — including the proposed National Museum of African American Music.

We have updated our Website!

www.padctn.org Davidson County, TN Assessor’s Office

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Davidson County, TN Assessor’s Office

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Davidson County, TN Assessor’s Office

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Davidson County, TN Assessor’s Office

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Davidson County, TN Assessor’s Office

Programs for Seniors and Disabled Homeowners Administered by Metro Trustee – Deadline: April 5th

Tax Freeze Program Homeowners age 65 or older can “freeze” the property tax on a principal residence at last year’s tax if total income is less than $40,960 for 2014 tax year.

Tax Relief Program Homeowners age 65 or older or totally disabled homeowners may qualify for tax rebate on $23,000 of the value of a principal residence if their combined income is under $28,690. Disabled veteran homeowners, or their surviving spouse, may qualify for rebate on up to $100,000 value of their principal residence. New applicants beginning 2015, combined 2014 annual income of applicant spouse and all owners cannot exceed $60,000.

Tax Deferral Program Administered by Metro Trustee – Deadline: December 31

Homeowners age 65 or older or totally disabled homeowners or a family group with more than one such person residing permanently in the principal residence may qualify for tax deferral. Income limit is $25,000 a year. If you qualify for this program, the current taxes on your residence may be deferred until the death of the person receiving the deferral or the residence is sold, and shall be subject to simple interest at the rate of six percent a year. If a mortgage exists on the property, a letter of agreement will be required from the Mortgage Company. You have until December 31st of each tax year to apply. All participants must reapply each year.

For more information, please visit the Trustee’s website: http://www.nashville.gov/Trustee Davidson County, TN Assessor’s Office

THANKS FOR HAVING US. Does anyone have any questions?

Our goal is to be fair and equitable, performing each appraisal as accurately as possible, because we value Davidson County.