After some debate, it turns out that Nashville property taxes will not be rising this year. At least, not yet.
The rejected proposal sought to increase the rate on Nashville property taxes by 50 cents. It was a close call, however. The city council narrowly rejected the measure in a vote that was tied at 19-19. Only a majority was needed in either direction.
In the case of a tie, the Vice Mayor casts a deciding vote much the same way the Vice President breaks a tie in the US Senate. Vice Mayor Sheri Weiner voted against the increase, rejecting the proposal by a slim 20-19 margin.
Without the increased tax revenues, the final spending plan is thrifty. The budget won’t provide city employees the cost-of-living pay raises that the council promised a year ago, and it does not provide about $38 million requested by Metro Schools.
Many detractors believed that the council had not done enough to cut spending and balance the budget to warrant a tax increase. They also felt as though the public was not engaged enough in the discussion.
“We think it’s very easy because the taxpayers apparently have an unending money source for us,” said Councilman Steve Glover. “But they don’t.”
Still, more than a few council members indicated that their opposition was based on the timeliness of the proposal and not the proposal itself.
“We will eventually need to do something sooner than later, but it cannot be without that public input,” said Councilwoman Nancy Van Reece who stated that she was not against the tax in and of itself, but rather could not bring herself to vote for it at this time.
Where Does That Leave Nashville Property Taxes?
For the moment, residents need not worry about increased property taxes. However, only a simple majority is needed to approve the proposal and send it to the mayor’s desk. If one council member changes their mind then that could change.
Property taxes are one of the least pleasant parts of owning a home. In Cook County, Illinois residents were recently dumbfounded to receive their recent property tax assessments. Property taxes are often the result of the city or county assessment of a property’s value. Over in Cook County, residents saw double digit increases almost across the board. In some cases, assessments jumped by nearly 60%.
Property taxes are so important to homeowners that many first-time buyers are actively seeking out cities with lower property tax rates. If you’re thinking of buying a home, it’s one consideration that should be carefully weighed.
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If you’re thinking of moving, simply input your data and compare your costs with another city. How will your property taxes change? What about other state and local taxes? City vs City will show you a side by side comparison of costs so you can make an informed decision.
If you’re thinking of moving, don’t make a move without downloading City vs City first.