It has been a whirlwind week for Metro Council politics that have a big impact on homeowners throughout Nashville and Davidson County. First, on Monday night, June 18, a committee of the Metro Council narrowly voted in favor of raising the Nashville property taxes by 50-cents, bringing it to the full Council for a vote.
Then, last night, June 19, the Metro Council convened to vote on this proposal. It was a tie with Nashville’s acting Vice Mayor Sheri Weiner voting no on the proposed property tax hike.
Here are a few key facts to keep in mind regarding this issue surrounding this proposed property tax hike:
Why was this proposal on the table? The reasoning behind this proposal is the rapid growth in the Nashville area has increased property values, and this tax hike would bring some much-needed revenue to the city budget, including an overdue promise to city employees on a cost-of-living wage increase and more funding for public schools.
Property taxes would have risen from approximately 50-cents, from a current combined rate of $3.15 to $3.65, injecting about $150 million dollars into Metro Nashville’s budget.
What about the Metro Nashville budget? The city council did vote in (34-4) a 2018-19 substitute budget. You can review it here in more detail.
Wait, I thought my property taxes went up last year? They might have, but it was not because of a tax hike. Rather a reappraisal of property values that impacted the cost of your property taxes.
Will we see this come up again soon? Currently, Metro Nashville’s property taxes are very low, and with such a tight vote, expect to hear of another future property tax increase proposal.