Wednesday, May 30, 2018

Daily Dump

As one should for health do so and in my case that means allowing myself a rant about the Great Cheeto in the Sky Trump's visit to Nashville yesterday to fund raise for the idiot Marsha Blackburn and hold a Klan rally in Downtown Nashville.

First let's talk about the costs to the city regarding said visit.  Most City offices, including the Library were closing at 2 pm for his 7 pm visit.  The MTA transit was re-routed to the Convention Center at 11 am as the Municipal Auditorium is next door to the prime transit center and the crowd, all 1000 of them to fit into a 7K center who were not admitted until 4 pm a place that holds concerts, a Museum and yet for Trump we need to shut that down.  The cost of Police, Sheriff and the like is also increased and the "downtown" core of Nashville was in turn duly affected with Guests and others who live and work and were visiting post Memorial Day in turn also pushed out costing said businesses that are adjacent I am sure untold dollars.  This does not include the roads to and from the airport, largely affecting Donelson as Trump began his whirlwind erection tour through the area.  I am sure Opry Mills was also affected by loss of business due to the rerouting of traffic.  But does it matter here in Trump CUNTRY?  No as Blackburn and Diane Black (MIA sadly) love the Trump. I hope they don't get HIV or HPV from all that.  All this while Nashville is trying to right a budget that is around 38K in shortfall (more about that in a minute).

Then we have the Roseanne scandal and frankly the woman is mentally ill and it only proves that as long as money is involved treatment and help goes ignored and for the rest of us it takes guns to realize that there is a serious issue when it comes to demonstrating the severity of mental illness.  Our prisons are now defacto mental health clinics and we see how well that is working out.  Maybe Trump Ambien tweets too?

And let's talk about Diane Black my personal favorite candidate for Governor here in Tennessee.  She is nuts.   She is a Trumptard times ten, a woman who is rich beyond the pale, lies to the n'th degree, is angry, racist, and believes Pornography is the cause behind gun violence.   She rarely votes in Congress but she is upset about free press, free speech and truth.  I love this idiot she is taking over from my Beav!  I miss Mae Beavers!  She put the special in needs.  These women however are not mentally ill they are just cunts, whoops I mean Southern Belle's.

And speaking of the Belles they need to stop feeding their kids. Food is not comfort but here in the South that and reading the Bible is considered as such and once again we make another top ten list - for Obesity and particularly children.

Next up on the hit parade I am not sure what to make of Ikea pulling out of Ikea. In the theme of an STD I have long been wearing protection when it comes to that company.  I have written many times in this blog about this "non-profit" organization that takes strong advantages of tax breaks and other means to defer paying their share of operations in the communities it sets up is kuferflugen.    There was a release of a memo that Ikea was not opening planned stores in several cities and in turn Nashville was mentioned.  Within hours denials by local and community individuals claimed it was full steam ahead, this did not however include Ikea who immediately within the hour confirmed that the planned store in Antioch would be cancelled.   This is a long line of bullshit that developers use to generate faux publicity for deals yet signed, sealed and delivered.   I cannot wait to see what the real plans are for the larger builds that are planned in downtown Nashville for right now when it veers out of restaurants and bars that are entertainment or hospitality based.  In other words we have  a glut of bad food and bars but no retail, no service business such as drugstores, dry cleaners, food, hardware, movies or other retail that offers residents options to shop  and do.  But then again every time Trump shows up they would have to close early for reasons I have yet to understand.  No other city does this when a President shows up, Obama came to Seattle and just the adjacent streets were shut but no stores, businesses or city offices felt compelled to do so.  Why is that?

And on the heels of Ikea the lamented MLS stadium that is being built down the street from my home is now undergoing a change of design.  Funny how that was etched in stone when Barry was Mayor but now with budget shortfalls and a new Chief the plans were altered and a  public meeting was held showing them for input.  Guess that input worked? No it was again decided well in advance but they went ahead with the meeting, played nice well not really and submitted the change order immediately after.  Shocking? No, not really this is the South or just Nashville.

Again the 38K shortfall comes from a lack of revenue, revenue anticipated by property taxes that oddly were appealed and in turn given.  So that means many of the homeowners of Nashville may be house rich but cash poor or that the massive commercial properties were also awarded tax deference.  Oh look, I was right!

When the largest shopping mall operator in the United States acquired Opry Mills in 2007, it paid $379 million, according to Simon Property Group’s most recent annual report.

Ten years later, after the mall was flooded and rebuilt, the Davidson County Property Assessor’s office valued the property at $334 million. But Simon appealed and won a 10 percent reduction, which meant an annual tax savings for the conglomerate of more than $430,000.

Opry Mills, the land and shopping center by the Cumberland River, was one of about 1,000 high-value commercial properties whose owners successfully appealed the 2017 Nashville reassessment. Those commercial properties accounted for more than 80 percent of the county’s total reduction in assessed value, according to a Tennessean analysis of assessment data.

Successful appeals last year exceeded expectations, and Metro Nashville government is now grappling with a property tax shortfall of between $20 and $25 million.

It comes when the city is financially strained, with its school district losing millions in state funding, a government-wide hiring freeze and an underfunded safety-net hospital.
Large properties are tough to appraise

Major commercial landowners were able to win big concessions on their property, experts say, because the reassessment hit during a booming real estate market, while swaths of Nashville were redeveloping — making it difficult for county assessors to capture market values. Also, large properties are tough to appraise, since there are fewer similar comparisons.

On average, commercial properties valued at more than $1 million, that won appeals, received a 20 percent reduction in assessed value, the analysis showed. These include some of the city's biggest apartment complexes, hospitals, parking garages and shopping centers. That's slightly more than the average for all commercial properties, and greater than the 13 percent average for residential properties.

Out of the $20 million in lost taxes, $12.4 million came from the Metro Board of Equalization’s reductions on commercial properties. Assessor Vivian Wilhoite’s office is appealing 11 decisions to State Board of Equalization, including the Opry Mills reduction.

“It may be that the market was expanding so quickly that it was hard to keep up with it,” said Larry Clark, director of strategic initiatives for the International Association of Assessing Officers. “Unfortunately, local jurisdictions are asked to appraise all kinds of properties, some of which they may not be qualified to appraise. There are bound to be mistakes made along the way.”
'I’m very confident in the values that we appraised'

Officials from Assessor’s office defended the 2017 reappraisal, which saw a record 37 percent average value increase over the last appraisal four years earlier.

Assessor Vivian Wilhoite, who was elected in 2016, said her office had to consider any new information that property owners presented during an appeal, and make reductions when warranted. The greatest share of lost value came during formal appeals at the Board of Equalization, which Wilhoite pointed out, is independent from her office.

“It’s not something that we have any control over,” she said.

Property owners were more likely to win an appeal last year than in the previous reappraisal. The Metro Board of Equalization changed 61 percent of appraisals in 2017 compared to 55 percent in 2013. At the informal appeal level, the Assessor's office changed 69 percent of appeals, compared to 64 percent in 2013.

The Metro Board of Equalization is a panel of five Davidson County property owners, plus five alternates, who are appointed by the mayor and approved by the Metro Council. Some are real estate professionals, including a commercial developer, a real estate agent, and a real estate attorney.

Board Chairman Derrick Starks did not immediately respond to messages seeking comment.
Large properties better equipped to handle appraisals

The board gave a 22 percent reduction to the owners of Element Music Row, the luxury apartment complex at 1515 Demonbreun St. Element’s owners, a Charlotte, N.C.-based development company called Childress Klein, brought their own appraisal to the board, showing the property’s expected rental income. The board agreed to lower the county's appraisal from $160.9 million to $125 million. With the appeal, the company will save $453,000 a year in taxes. Reappraisals are valid for four years.

Large commercial property owners sometimes spend thousands of dollars to hire experts and conduct their own appraisals. Smaller mom-and-pop owners, on the other hand, aren’t as well-equipped to argue against a reappraisal.

“The larger properties — it’s to their advantage to try to get a reduction,” said Richard Exton, an appraiser who is running for Register of Deeds in the May 1 election. “It makes sense to spend the money and get an appraisal done.”)

Element Music Row was one of 11 properties on Demonbreun to win appeals. The downtown street is emblematic of Nashville’s redevelopment. During recent years, private developers built or are in the process of constructing luxury condominiums and apartments, a full-service hotel, Class A office buildings and corporate headquarters.

“In an area that is rapidly developing, you probably have a mix of properties,” said Clark from the assessors association. You might have old buildings that are being converted to lofts, he said, complicating valuations. “Finding rents and other information that will support both is difficult. How you judge that in-between is really the stickler in these cases.”

Each year, property owners can appeal their current valuation. The deadline for informal appeals at the Assessor’s office is April 27. The deadline for formal reviews by the Metro Board of Equalization is typically mid-June, officials said.

I walked among the "Gulch" last night and found dozens of single family dwellings torn down and rebuilt into the tall skinny attached homes dominating the area.  Many of them are vacant and for sale in the upper scale of the market.  I want to point out that the median wage here is 45-47K and when you have a home that is 10 times that you are buying a home out of your income level.  This is what happened in 2008 and unless I am wrong here and the wages are higher than reported it would be akin to the numbers that 100 people a day are moving here and all with degrees and in turn jobs that pay six figures I clearly have been looking at the wrong research.  I can find nothing that supports this and in turn the numbers have been dropped, the housing units built are turned over fast, offering numerous move in specials so again who is moving here and what they are earning seems disproportionate.  What I do see is "branding" and renaming neighborhoods in a push to encourage people to move there despite the issues that plague the area.  My favorite is the Gulch and Germantown.  And again why did these properties go into foreclosure?  

 I spoke with a local business owner who just opened a small market near my home and it took over a year just to get the business opened. He was permitted to do so and that was uneventful but then finding skilled craftsman available in the time scheme to do the permitted work to meet the building codes and requirements were delayed, inspections delayed as there is another problem with this as well with homes being badly constructed, failures by the city to do timely inspections or lack of qualified inspectors and other contractors that affect the overall quality of a neighborhood and in turn build.    Just ask the City about this home inspector.

I have said repeatedly here that the council and permit offices go forth with all kinds of approvals with no logic, rhyme or reason.  When the wealthy can afford to bypass the system they have no problems finding ways to finish their projects but at what costs? I watch as the cell pods aka Bento Box (as that is the current name) be constructed across the street, I frankly cannot wait as they paid for the silent zone and in turn the street adjacent will now become a one way in which to accommodate that (as the 4 barricades that are required cannot be built due to street angle)  That will of course mean more problems but hey this is Nashville.  We don't just do stupid we do big stupid.



















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