Metro Council approves budget, property tax increase
June 19, 2012 09:13 PM
NASHVILLE, Tenn. -
The Metro Council approved a budget for the upcoming fiscal year in a meeting on Tuesday night.
In approving the budget, homeowner's will now be faced with a tax increase of 53-cents per $100 of assessed value.
The Nashville median home value is $145,000, the 53-cent tax hike means an annual increase of $192. Taxes would go up by $384 on a home valued at $290,000.
Much of the money from the property increase will go to education, in particular, a salary increase for starting Metro teachers.
"In the previous county I worked in, I was working sometimes 65 to 70 hours a week as a first year teacher just trying to keep things up to date in my classroom," said Caroline Price who will begin teaching in Metro this upcoming school year.
She added that she knows firsthand the challenges of teachers and schools.
"I know that there are so many schools in this area that are struggling for the necessary funding that they need to get their students the proper things that will better their education," she said.
Price, who is also a homeowner, said the property tax is "going to hit big," however she said her role as a homeowner is trumping her role as a teacher and that she would rather see a penny sales tax.
"It's not fair to hit a select group of people when everybody should have to pay something into this," says Price.
The new approved tax increase is the first for Nashville since 2005.
Following Tuesday night's vote, Mayor Dean released the following statement:
"The budget approved by the Metro Council supports our priorities of schools and public safety and looks to Nashville's future by strengthening the city's debt service reserves. I appreciate the council's thoughtful input and support to make the necessary investments to keep our city moving forward."
The Metro Council had to pass a city budget by July 1.