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re: Nashville increases property taxes 34% rents to go up 40% to offset tax increase
Posted on 6/18/20 at 1:28 pm to ihometiger
Posted on 6/18/20 at 1:28 pm to ihometiger
It's still cheaper property taxes than Memphis, Chattanooga, and Knoxville. Yeah, it sucks, but it's been a long time coming.
1
Posted on 6/18/20 at 1:35 pm to BottomlandBrew
quote:
Yeah, it sucks, but it's been a long time coming.
Do a gradual increase then, not a knock-you-on-your-arse increase
Posted on 6/18/20 at 1:44 pm to ihometiger
quote:
Nashville’s 34% property tax hike will not only impact property owners, economic experts tell FOX 17 renters will also see a significant increase on their next lease.
The Beacon Center of Tennessee says monthly rents could go up as much as 40% in Nashville to compensate for the extra cost.
This doesn't make sense. It seems like investors are using this as a excuse to increase rent. If you lease a $250,000 dollar home for $1,200 a month, the increase in property tax the owner would receive would be around $56 per month. Fair thing would be change the rent to $1,256 which would be a increase of 4% per month.
Posted on 6/18/20 at 2:31 pm to idlewatcher
A little context here...
The city is broke due to:
1) Mounting debt ($4B) from prior administrations, mostly from retirement liabilities
2) Large investments into downtown and corporate relocation incentives funded by selling off assets and more debt
3) TN state law that requires the impact of property assessment increases to be property tax revenue neutral, effectively reducing the property tax rate during Nashville's boom
4) The property tax rate and overall tax burden has been significantly lower than comparable cities, including Memphis, Chattanooga, and Knoxville, and mayors have been unwilling to consider gradual increases (not that there's been public support for this understandably as cost of housing has doubled in the last decade)
5) Unfortunate timing of the tornado and COVID-19
Don't get me wrong, it sucks. An increase of some sort was necessary and a long time coming. The new rate is actually still lower than many comparable cities. I agree that it's too much at the wrong time though.
I just wish the budget proposal considered govt employee layoffs. Lots of people are hurting right now in the private sector (my job was one of many eliminated)... why should gov't employees be immune? When revenue goes down, you've got to let people go.
The city is broke due to:
1) Mounting debt ($4B) from prior administrations, mostly from retirement liabilities
2) Large investments into downtown and corporate relocation incentives funded by selling off assets and more debt
3) TN state law that requires the impact of property assessment increases to be property tax revenue neutral, effectively reducing the property tax rate during Nashville's boom
4) The property tax rate and overall tax burden has been significantly lower than comparable cities, including Memphis, Chattanooga, and Knoxville, and mayors have been unwilling to consider gradual increases (not that there's been public support for this understandably as cost of housing has doubled in the last decade)
5) Unfortunate timing of the tornado and COVID-19
Don't get me wrong, it sucks. An increase of some sort was necessary and a long time coming. The new rate is actually still lower than many comparable cities. I agree that it's too much at the wrong time though.
I just wish the budget proposal considered govt employee layoffs. Lots of people are hurting right now in the private sector (my job was one of many eliminated)... why should gov't employees be immune? When revenue goes down, you've got to let people go.
Posted on 6/18/20 at 2:37 pm to thadcastle
quote:
This doesn't make sense. It seems like investors are using this as a excuse to increase rent. If you lease a $250,000 dollar home for $1,200 a month, the increase in property tax the owner would receive would be around $56 per month. Fair thing would be change the rent to $1,256 which would be a increase of 4% per month.
Yeah I don't get the 40% figure. Makes a good headline... I'd be curious to look into the study.
This post was edited on 7/29/20 at 9:21 pm
Posted on 6/18/20 at 2:46 pm to real turf fan
quote:
quote:
And, of course, this will drive people out of the city and lower the value of property in the city.
And this would please the active anti-gentrification portion of a certain voting demographic.
I disagree. Lowest income residents will be hit the hardest and be forced out even quicker, accelerating the gentrification that's happening. People are still moving here, jobs are still opening, and development is still booming. The Nashville area remains a desirable place to move to in comparison to other cities, particularly more expensive coastal cities. The property tax rate increase doesn't change this.
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