By Brad Wallace
On Tuesday, March 31, 2020, Nashville Mayor John Cooper announced during his first State of Metro that he will propose a “sharply” increased property tax rate despite the uncertainty the nation is facing as a result of the ongoing virus and the inevitable recession that will follow. This move is a stark contrast to the rest of the nation that seemingly understands the hardship that the hospitality and entertainment industry is going through—a considerable portion of downtown Nashville’s economy.
Currently, most of the counties that Ryan experts have spoken with that heavily rely on the entertainment and hospitality industry are taking a wait-and-see approach. In some cases, tax collectors already extended payment and appeal deadlines to alleviate the financial burden the industry is facing. The proposed rate increase comes directly before the next county-wide reassessment in 2021, where commercial property owners could see 25% or greater increases in their assessed value. Property owners could potentially be looking at back-to-back major increases in their overall tax burden.
If you have any questions, please visit our COVID-19 Updates site, as our experts are in constant contact with the jurisdictions and making updates to the site as notifications become available.
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