I requested from the City a breakdown of all residential assessments for 2013 and the adjustments by neighborhood. They were kind enough to respond very quickly. I have reformatted what they sent to me, and thought I would pass it along here.
Below, you will find the 22 Neighborhoods that saw decreases in 2013 assessments from last year. This list does not mean that EVERY property in the neighborhood was treated the same. It means that barring any new information provided to the assessor’s office, this is the adjustment due to “General Reassessment”. The other 25 neighborhoods in the City did not have any adjustments this year due to General Reassessment.
In looking for a pattern, there is nothing that stands out. Three of the ten most expensive neighborhoods saw declines, while eight of the bottom ten saw declines. Of those top three, two were university area (although oposite sides) and one was near downtown. Of those that declined, some were detached homes and some were condos. Some were new construction (Carter’s View / Brookwood / Burnet Commons) and some were among the oldest homes in town (Fifeville / Fry’s Spring / Ix – Belmont). Every elementary school district seems to have some neighborhoods that declined and some that stayed flat.
The flip side to all of these numbers is that inventory is currently at a 7 year low in the City, and competing offers are common. The fact that the Assessor’s Office is showing a decline from 2012 is not mirrored by the current exuberance for City properties.