Data Shows $660M Assessment Value Growth in Rutherford County

0
441

Rutherford County saw an increase of $660,155,239 in the assessment value from January 2023 to January 2024, according to Rob Mitchell, Assessor of Property.

The January 2024 assessed value of all property for tax purposes was $15,709,006,479; the assessed value for tax purposes for January of 2023 was $15,048,851,240. This means that the potential tax base has grown by an estimated $12,385,833 dollars this year over last based upon the growth in assessed property.

According to the most recent data from the state of Tennessee, the current population estimate of Rutherford County is 373,482 –  an 8,332 increase from 2023. The estimation then deduces each new person, creating an additional $1,487 in property tax revenue. ($12,385,833 in new property tax/8,332 increased population)

Rutherford County’s 2023 tax base assessment of $15,048,851,240 generated a potential $282,346,547 in property tax revenue. With 365,150 persons last year that is $773/ person in potential estimated property tax revenue.

Rutherford County’s 2024 tax base assessment of $15,709,006,479 will generate a potential $294,732,380 in property tax revenue. With 373,482 people currently, that is $789/ per person.

The numbers indicate that new assessment value growth and new population growth contribute on average $1,487 per person to the property tax base while the overall average contribution to the property tax base is $789 per person.