Thu
Apr 21 2022
12:28 pm
Crazy SoKno property appraisals
By: bizgrrl

On Scottish Pike, in South Knoxville, some property appraisals have gone looney toons. According to a newer resident of the area, some of the appraisals have gone up 561%. While, just down the street appraisals went up 87%.

Ridiculous. Either way. If you are familiar with Scottish Pike, these are homes for the lower income residents. However, there are the newer condos at the end of Scottish Pike and the newer condos nearby on Blount Avenue.

Not sure how the County is appraising these properties. I can only hope they are not running the long term residents out of their homes. Maybe someone should have put a freeze on taxes in the South Knox waterfront areas for existing residents.

Step one to ruin South Knoxville was to put the big gash through it, James White Parkway. Now they want to push out the remaining long term residents with gentrification.

Topics:
Mike Cohen's picture

Reappraisals

Submitted by Mike Cohen on Thu, 2022/04/21 - 4:05pm.

It is crazy. The real question is this: is the appraisal higher than what the property would sell for in this market?

The good news is that reappraisal cannot net the County any more money. So with the overall value up 40% countywide unless your property went up more than 40% in value your taxes, with a new lower rate, should be about the same.

The whole real estate thing is just insane.

bizgrrl's picture

Doesn't help the people

Submitted by bizgrrl on Thu, 2022/04/21 - 4:41pm.
(in reply to Mike Cohen)

Doesn't help the people referenced in this story. It would appear most of their appraisals went up over 40%. Many of them these people have lived there a while and probably had planned to continue living there. A higher appraisal does not benefit them. Just hope they can afford to stay because the increase in rental prices are leaving people homeless and buying another home would not be affordable.

Up Goose Creek's picture

Values

Submitted by Up Goose Creek on Sat, 2022/04/23 - 10:00pm.
(in reply to Mike Cohen)

Before the recent run-up houses sold for 60-80k. In the last couple of years there have been sales between $100k and $150k.

The crazy thing is these recent sales were appraised close to the sale price. The long term owners, including some houses in less than stellar condition, are being appraised around 300k. It truly is fishy.

On the west end of the street you don't see the crazy numbers.

R. Neal's picture

Haslam and Rogero may have

Submitted by R. Neal on Thu, 2022/04/21 - 4:58pm.

Haslam and Rogero may have missed an opportunity on the riverfront development project.

Existing property holder taxes should maybe have been frozen for 20 years or until they sold. Wouldn't stop landlords from raising rent to drive out tenants so they could sell, but maybe a rent freeze tied to inflation could have been a component.

Then there's the problem of the county. Most commissioners would probably vote for a 1000% increase to help their developer buddies with gentrification.

Mike Cohen's picture

Reappraisals

Submitted by Mike Cohen on Fri, 2022/04/22 - 7:19am.

Randy: The County hasn't raised property taxes in more than 20 years, so that is kind of unfair slam on County government. And they fund schools, health and libraries. Even with the reappraisal issues the City is going to raise property taxes this year. Are you OK with that?

Up Goose Creek's picture

Developers

Submitted by Up Goose Creek on Fri, 2022/04/22 - 9:47am.

I doubt the theory about county commission. I would think the county is more concerned about development outside city limits. I would hope as a libertarian Mayor Jacobs would be against eminent domain.

I have to wonder if Bill Lyons is behind this. He has made dismissive and demeaning comments about our neighborhood. Since he is with the Baker center I wonder if he exerts influence over Randy Boyd.

I would presume neither Mayor would have any say if the state wanted to do a land grab.

Update: I've been told the University is hesitant to take residential properties by eminent domain. Hence the incentive to pay higher prices.

Treehouse's picture

Bridge

Submitted by Treehouse on Mon, 2022/04/25 - 1:09pm.

Is Scottish Pike increased in value because of the proposed "pedestrian" bridge? I am opposed to it for the development it would bring to the Southside Waterfront. We don't need more student housing over there.

Up Goose Creek's picture

Bubble

Submitted by Up Goose Creek on Tue, 2022/04/26 - 8:17am.

No, while a bridge proposal was made earlier it faded into obscurity.

The uptick in the 20s was due to the overall real estate bubble in Knoxville, combined with South Knoxville no longer being a red headed stepchild, so to speak.

Treehouse's picture

Nope

Submitted by Treehouse on Tue, 2022/04/26 - 10:28am.

Article updated March 21, 2022

(link...)

Up Goose Creek's picture

2021

Submitted by Up Goose Creek on Tue, 2022/04/26 - 2:44pm.

The sales I'm referring to occurred in 2020 and 2021.long before that article.

The pedestrian bridge was not likely to enter into the decision. Based on conversations I've had the buyers either didn't know or didn't let on that they knew about plans for the bridge.
They bought because they liked the neighborhood.

Other sales appear to be to the flipper crowd. Probably instigated by easy money. 2 of 3 of the flipper sales are outside the proposed boundary.

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