NASHVILLE, Tenn. (WKRN) – Nashville Mayor John Cooper announced he is proposing a reduction in the property tax rate. This just months after a 34% property tax increase was approved last year.
“We had to have an increase last year to fix our insolvency problem but with growth and stewardship we’re going to be able to roll that back,” Cooper said.
He explained that people would be paying less for their $400,000 home in property taxes today compared to 20, 40, or 60 years ago.
The mayor said he was making the announcement Friday because people will soon receive letters regarding their property assessment.
“They’re going to tell you what your new appraisal is and it’s going to be up because Nashville is an incredible place to invest in real estate,” Cooper said. “With that being up that’s going to allow us to roll the property tax rate back if not to the lowest in history, then within a penny or two of the lowest in history.”
Metro Nashville Council members were quick to respond to the mayor’s proposal.
Cooper said he would be making the proposal during the upcoming budget discussion.
This is a developing story. Stay with News 2 and WKRN.com for updates.
Assessor of Property Nashville-Davidson County Vivian Wilhoite released the following statement to News 2:
“We, the Office of the Assessor, have been in constant talks with Mayor Cooper and his Finance Dept so we were not surprised by his announcement. We provided the Administration with preliminary data as the Reappraisal will soon be completed. We are working to give property owners a fair & equitable value that will be mailed to them on April 23rd, giving them the right to appeal.”