The City experiences positive trends in assessed value of residential areas.

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Germantown’s neighborhoods significantly contribute to the City’s overall character and provide the foundation for the property tax base. The City encourages a broader range of housing options for Germantown residents while preserving the quality and desirability of Germantown’s existing neighborhoods. The City’s housing stock has predominantly been composed of single-family homes. As these homes age and housing demand changes with demographic shifts, it is paramount that the community ensures the continued success of older neighborhoods. At the same time, the development of more housing styles within the City helps to diversify market options for residents. The City continues to create opportunities for new residential properties and encourage improvement to existing homes. When this occurs, the result is higher home values, pride in ownership, new residents and an increased value to both neighborhoods and the City of Germantown.

On Target Assessed value of residential property

Description

The Assessed value of residential property is the value of a property as determined by an appraisal conducted by Shelby County. In Shelby County the assessment ratio for residential property is 25%. Values of property are an important indicator to the economic health of the City. Germantown has historically maintained high property values and positive trends for residential property values overall within Shelby County.

Analysis

For fiscal year 2023, the assessed value of residential property is $1,554,386,850. When comparing this to fiscal year 2022, there was an increase of .8% based on the appraisal conducted by Shelby County. Over the last three fiscal years, the assessed value of residential property has been roughly the same, but FY21 shows a significant increase due to the Shelby County reappraisal that took place in January 2021. This shows that although there hasn't been a huge growth in the economy of the City, there also hasn't been any major drops as well.

Impact

The City has moderate ability to impact this measure.

On Target Median Home Sale Price

Description:

Sale prices of property are an important leading indicator to the economic health of the City. Germantown has historically maintained high property sales and positive trends for residential property values overall within Shelby County.

Analysis:

Over the last several fiscal years, the median sale price of residential property has been roughly the same, but these can fluctuate due to supply and demand as well as interest rate considerations. This shows that although there hasn't been a significant change in the economy of the City, there also has not been a major drop as well due to outside economic factors.

Impact:
The City has moderate ability to impact this measure.