The value of Rutherford County real estate is growing exponentially, Property Assessor Rob Mitchell said in a press release.

"Your Rutherford County Property Assessor’s Office currently administers the valuations of a real-estate portfolio with an appraised valuation of $32 billion. Our assessed valuations topped $8 billion. Less than six months ago we had just topped $7 billion," Mitchell said.

In simple terms, Rutherford County's real estate is worth a total of $32 billion but the property assessor uses only 25 percent of residential value and 40 percent of commercial value to determine taxes.  

The reevaluation was done because 2018 is a reappraisal year, as mandated by state law. 

Mitchell said the reevaluation is proof positive that Middle Tennessee in general and Rutherford County specifically have recovered from the Great Recession.

"Middle Tennessee is the hottest market for sales in the state and Rutherford County is the most affordable county in the Davidson County metro market. Home prices are going up," he said.

This means that when homeowners receive their assessment change notices in the mail over the next three to four weeks, there will most likely be an increase in the value of your real estate.

"This is not a tax bill. It is a statutory notification of valuation change," Mitchell explained.

If you think there is a mistake in your valuation, you can appeal to the County Board of Equalization. The Board of Equalization will begin to hear appeals on June 1. You can set your appeal appointments in May by calling 615-898-7750.

But Mitchell cautions that an increase in value isn't always a bad thing. 

"First, it means they have an increase in homeowner equity. That is a good thing," he said.

Second, the county and city of Murfreesboro are required by state law to readjust their property tax rates to compensate for the valuation change.

"Depending on if the legislative body adopts a 'revenue neutral certified tax rate,' (the property owner) may not pay more in actual property tax," he added. "There should be very little change either up or down in the actual property taxes you will pay in October once these rates are calculated and adopted."

Homeowners can visit http://rutherfordcountytn.gov/propertyassessor to check your property's value over time.

A note on the map

Above you will find a heat map of county property values. The largest the percentage increase, the redder the commission district. As you can see, the largest changes can be found in the La Vergne area.

Michelle Willard is a freelance journalist who fills her days with social media marketing, politics, true crime, and taking complaints. You can complain to her on Twitter @MichWillard or by email michelle(at)murfreesborovoice.com.