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Tennessee: Nashville’s Fiscal Year 2025 Budget Approved with No Change to Property Tax Rate

Tax Development Jul 10, 2024

Tennessee: Nashville’s Fiscal Year 2025 Budget Approved with No Change to Property Tax Rate

The Nashville Metro Council approved the fiscal year 2025 operating budget, which prioritizes education, safety, and workforce development while avoiding a property tax increase. Despite the challenges posed by the drying up of federal pandemic-era funds, the city has managed to allocate funds for essential services at Metro Nashville Public Schools, including universal school nurses, safety ambassadors, and mental health support. The budget also includes a significant investment in affordable housing, with $30 million allocated toward this effort.

The city’s employees will also benefit from the new budget, with a cost-of-living adjustment and merit pay increases. The council’s decision to avoid a property tax increase is likely to be welcomed by homeowners and businesses in Nashville. The city’s property tax rate has been a subject of concern in recent years, as rising property values have led to increased tax bills for many residents. By finding ways to allocate funds efficiently and make strategic investments, the city has been able to avoid a property tax increase while still addressing important community needs. This approach is expected to help maintain Nashville’s strong economic growth and stability in the years to come. The current property tax rates for the two largest districts are:

  • Utility Services District (USD): $3.254
  • General Services District (GSD): $2.922

By finding ways to allocate funds efficiently and make strategic investments, the city has been able to avoid a property tax increase while still addressing important community needs. This approach is expected to help maintain Nashville’s strong economic growth and stability in the years to come.

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Brad Wallace
Principal
Ryan
404.942.6346
brad.wallace@ryan.com

Caitlyn Smagh
Senior Manager
Ryan
404.942.6380
caitlyn.smagh@ryan.com

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