RUTHERFORD COUNTY, TN – As the New Year ushers in hopes for a better and more vibrant community, Rutherford County is witnessing positive signs of growth, particularly in property assessments and population numbers. Rutherford County Assessor of Property, Rob Mitchell, shared noteworthy insights into the recent developments.
Between January 2023 and January 2024, the county experienced a substantial increase in the assessment value, totaling an impressive $660,155,239. The assessed value for tax purposes in January 2024 reached $15,709,006,479, marking a significant rise from the $15,048,851,240 recorded in January 2023.
This surge in assessed value translates to a potential tax base growth of an estimated $12,385,833 this year over last, fueled by the expansion in assessed property. Mitchell highlighted that the current estimated population of Rutherford County stands at 373,482, reflecting a net growth of 8,332 individuals compared to 2023. Those numbers are from the Boyd Center for Business and Economic Research at the University of Tennessee, Knoxville.
Breaking down the numbers, Mitchell noted that each new person contributes an additional $1,487 in property tax revenue. With a 2024 tax base assessment of $15,709,006,479, the potential property tax revenue is projected to be $294,732,380, resulting in an average contribution of $789 per person.
Comparatively, the 2023 tax base assessment of $15,048,851,240 generated a potential $282,346,547 in property tax revenue, averaging $773 per person based on the population of 365,150.
These figures underscore the positive impact of both new assessment value growth and population growth, contributing an average of $1,487 per person to the property tax base. Mitchell emphasized the importance of providing accurate information to leaders and citizens in an accessible format.
Expressing gratitude to the dedicated staff in the assessor's office, Mitchell closed by acknowledging their efforts in making these positive developments possible for Rutherford County. The upward trajectory in assessments and population numbers bodes well for the county's future, signaling potential opportunities for continued growth and community enhancement.