Demand for homes soars in April in Rutherford County

Jun 16, 2021 at 10:03 am by robmtchl

Sold!

According to a report released by Middle Tennessee Association of Realtors)'s Candy Joyce, April  2021 had 633 home sales closed with an average sales price of $348,140. In comparison, April 2020 saw 551 homes closed with an average selling price of $304,333. That's an increase of the average selling price of $43,807 in 12 months! (an increase of 14.39%)

In April 2021, the average number of days on the market was only 11. Don't expect this to last, but don't expect it to burst either. Rutherford County is a strong and diverse real estate market. If you are unsure of your current market value, contact a local realtor or take advantage of many online tools to do your own research.

Rutherford County has a revaluation and equalization in 2022. The current values for taxation on your property was established in 2018's equalization process. Next year those values will change and the apportionment and redistribution of the tax burden for the county will change based upon the change in values and the percent of change in property as measured against the median value change.

Here is a video to help explain the process: Revaluation Video

Just because your value goes up does not mean you will pay more in property taxes. The "Truth in Taxation" law required a revenue neutral certified tax rate be calculated by every taxing jurisdiction.

This "revenue neutral rate" when applied to the new assessed value of the taxing jurisdiction will produce the same amount in property taxes as the old values did with the previous tax rate. Individual properties will be impacted differently depending on their change in relation to the median change of all properties in the jurisdiction.

Here is a video to assist in explaining how this process works: Certified Tax Rate

 

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