If you live in Nashville, you have probably heard about the recent vote to increase property taxes by 34% starting July 1. Nashville has had historically low property taxes, and this will be a large jump. In fact, it will be one of the largest property tax increases in the history of Metro Nashville government. Even with the increase, taxes will still remain much lower than in other busy cities.
The current Davidson County property tax rate is $3.155 per $100 of assessed value in the Urban Services District, and $2.755 per $100 in the General Services District.
Under the plan approved by the Metro Council, the total property tax rate jumps by $1.066 per $100 of assessed value. That would move the total rate from $3.155 to $4.221 in the Urban Services District. For a home appraised at $250,000, that would mean an increase of about $666.25 per year.
“The budget season was unlike any other in Metro history. The Council weighed four different budget proposals, each of which called for a significant tax increase. Ultimately, the Council passed a crisis budget that stabilizes Metro’s finances and maintains essential city services,” Mayor John Cooper said in a statement released on Wednesday.
“A large tax increase is never easy, and it was made more painful by the sharp economic downturn brought on by COVID-19. It’s something that I would not have considered were we not facing the greatest financial challenge in Nashville’s history. It is a difficult but necessary choice for our city and our residents. I am grateful for the work of the entire Council.” (https://www.wsmv.com/news/metro-council-approves-budget-with-34-property-tax-increase/article_1bc44ad2-b07a-11ea-b6fc-ebc604080e4d.html)
This article has more information and a calculator/formula to figure out what your new annual taxes will be: https://www.tennessean.com/story/news/local/2020/04/28/nashville-davidson-county-property-tax-calculator/3038760001/