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The Tennessee Conservative [By Paula Gomes] –
Proposed legislation would limit how much local governments in Tennessee can increase property taxes.
Sponsored by Senator Bo Watson (R-Hixson-District 11), Senate Bill 2064 (SB2064) prohibits local governments from “increasing a real property tax rate by an amount that would cause local government to realize an increase in total revenue exceeding inflation plus two percent or that would cause the local government to realize an increase in total revenue exceeding inflation plus two percent over the preceding three years.”
City or county governments wanting to exceed these limits would have to put proposed increases to a vote in the next statewide election.
Tennessee is one of only four states across the nation that does not have a property tax cap. Watson’s bill would protect homeowners from the kinds of skyrocketing tax hikes that some Tennesseans have experienced in recent years.
Conservative Representative Bud Hulsey (R-Kingsport-District 2) has filed similar legislation to protect Tennesseans from excessive property tax increases.
House Bill 2607 (HB2607) also caps increases at two percent and mandates that a referendum be held should there be a need for additional revenues.
Should sixty percent of voters agree that the increase is needed, the higher rate would be limited to a period of not more than four successive years.
About the Author: Paula Gomes is a Tennessee resident and reporter for The Tennessee Conservative. You can reach Paula at paula@tennesseeconservativenews.com.
