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.
Assessed value of residential property
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.
For fiscal year 2022, the assessed value of residential property is $1,542,133,850. When comparing this to fiscal year 2021, there was an increase of .1% 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. You will also see that increase continue into FY22. 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.
The City has moderate ability to impact this measure.
Ratio of multi-family to single-family homes
As Germantown continues to grow, the City is encouraging a broader range of housing options in order to create generational housing opportunities for new residents, families and current residents, all while preserving the quality of the City's existing neighborhoods.
Germantown has seen a small increase in the number of single family homes (lots) in the last few years, and there has been a small amount of new multi-family units added to the area within the last 10 years. There are 276 multi-family units that have come online in the past few years. Additionally, there are several subdivisions that are under development and construction that will be providing many new home starts over the next several years.
The City has moderate impact on this measure.