A resolution approving the plan for the reappraisal and equalization of assessments in Davidson County as submitted by the Metropolitan Assessor of Property, and approving receipt of state funds to assist in the cost of the reappraisal.

Whereas, Tennessee Code Annotated § 67-5-1601 requires that a reappraisal of all real property and an equalization of assessments be completed in every county in Tennessee every six (6) years; and

Whereas, Tennessee Code Annotated § 67-5-1601 allows a reappraisal every four (4) years as determined by the Assessor of Property with the approval of the local governing body; and

Whereas, the Metropolitan Assessor of Property has determined that it is in the best interest of the Metropolitan Government for reappraisal to be accomplished in Davidson County on a four (4) year cycle comprised of an on-site review of each parcel of property over a three-year period followed by a revaluation of all such property in the year following completion of the review period; and

Whereas, in accordance with Tennessee Code Annotated § 67-5-1601, the Assessor of Property for the Metropolitan Government has prepared a plan for carrying out the county's reappraisal and equalization program (a copy of which is attached hereto) which must be approved by resolution of the county legislative body and the Metropolitan Mayor, pursuant to TCA § 67-5-1601(d); and

Whereas, Tennessee Code Annotated § 67-5-1601(c) requires the State of Tennessee, subject to funding, to assist local governments in the cost of the reappraisal program; and

Whereas, Tennessee Code Annotated § 67-5-1601(c) requires that any funds received from the State be expended solely for the purpose of assisting in the cost of the reappraisal; and

Whereas, pursuant to Tennessee Code Annotated § 67-5-1601(c), if funded, the estimated amount to be received annually from the State is $209,182.00.

Now therefore, be it resolved by the Council of The Metropolitan Government of Nashville and Davidson County:

Section 1. That the plan for the reappraisal and equalization of assessments in Davidson County, as submitted by the Assessor of Property, attached hereto and incorporated herein, is approved in all its particulars.

Section 2. That the Metropolitan Government shall accept all funds tendered by the State pursuant to Tennessee Code Annotated § 67-5-1601(c) to assist the Metropolitan Government in the cost of the reappraisal program. Such funds shall be expended by the Metropolitan Government solely for the purpose of assisting in the cost of the reappraisal.

Section 3. This resolution shall take effect from and after its adoption, the welfare of The Metropolitan Government of Nashville and Davidson County requiring it.

Sponsored by: Diane Neighbors

LEGISLATIVE HISTORY
Referred:	Budget & Finance Committee
Introduced:	April 19, 2005
Adopted:	April 19, 2005
Approved:	April 21, 2005
By: