NASHVILLE, Tenn. (WZTV) —Nashville Mayor John Cooper announced Friday that property tax will be "will be cut back significantly" - roughly in line to where it was two years ago.
Nashville's 34% property tax increase in 2020 was a source of debate and led to a petition calling for a vote on the tax hike by citizens.
A petition to rollback the property tax got thousands of signatures and was filed in the clerk's office.
While the budget is still being fine tuned, Nashville’s new tax rate will be lower than the current total property tax rates paid by homeowners is Murfreesboro, Franklin and Clarksville, Cooper's office said. It will also be less than Tennessee’s other “Big Four” cities: Memphis, Chattanooga and Knoxville. It's been that way since 2010.
Metro’s property tax rate has rarely been below $4.
In fact, the average combined rate over the past 25 years is $4.30.
Over the past 50 years, the average combined rate is $4.82- which is about 50 percent higher than next year’s property tax rate.
As an example of the new property tax rate, Cooper's office provided this information:
15 years ago, the property tax bill on a $400,000 house would have been $4,690. Next year, the tax bill on a $400,000 house will be more than 30 percent less than that.