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Tennessee Conservative News [By Olivia Lupia] –
As property taxes continue to skyrocket in Tennessee, many Nashville homeowners are feeling the pinch to their pocketbooks due partly to rising insurance costs leading to increased escrow payments and ultimately more monthly burden.
Tennessee was recently ranked number one in the nation for property tax hikes by the Beacon Center, with data showing the Volunteer State has seen an average increase of 75% or more within the last six years, with many homeowners in Nashville experiencing a 60% rise in taxes over the last five years.
According to the Davidson County Property Assessors’ office, the median home value has risen by 45% and combined with a tax increase approved by Metro Nashville Council, property taxes have been driven up exponentially. Add in rising homeowners’ insurance costs, roughly 28% over five years, which has reportedly led to higher escrow payments, and overall monthly payments just keep increasing.
The median monthly cost for homeowners with a mortgage rose 30% over five years, per Greater Nashville Realtors, and taxes rose 14.5% during that same period, potentially forcing some homeowners to have to make tough decisions soon.
Bankrate Housing Market Analyst Jeff Ostrowski said, “Of course, no one enjoys paying higher taxes, but it’s going to be a matter of being forced to sell the house for most people.”
And Miguel Vega, National Director of Mortgage Production at Southern Bancorp Bank said these rising rates are having a direct effect on a family’s ability to create wealth. “Homeownership is still the keystone of the American wealth generation system, like this is how we build wealth through our houses. This effectively impacts our ability to generate wealth, and that’s how important it is.”
Mortgage experts are reminding homeowners to ensure they are not missing a monthly increase notice if the mortgage is on autopay, which could lead to significant late fees or even defaulting on the loan. Homeowners are also being encouraged to shop around for different insurance providers, add renovations for tax incentives, and take advantage of relief programs for those on a fixed income.
And those who believe their house would sell for less than it was appraised for also have the option to appeal their assessment to the Metro Board of Equalization and ask for a review starting in January of 2027.
In May of this year, nearly 3,000 parcels of land had already been submitted for informal reevaluations with data showing that almost half of those requests, 1,422 parcels, did receive a valuation change after the appeal. Those changes resulted in a total difference of $54 million, representing significant savings on tax bills for many property owners.
And homeowners are not the only ones feeling the squeeze. Broadway bar and restaurant owners have been lobbying Gov. Lee for a special legislative session to address the tax spikes which have caused several businesses to permanently shut their doors.
Earlier this month, country music star John Rich and other Nashville business owners reportedly sat down with House Speaker Cameron Sexton, urging state leaders to intervene as more businesses are going under due to the massive spikes.
After telling the group that a special session would be the only way for state lawmakers to discuss the issue, he, along with Senate Majority Leader Jack Johnson, supposedly agreed to request the governor call the special session, though there was no specific timetable set.
“No business can sustain itself. If you’ve got an expenditure that’s $100,000 and then it goes to $600,000 in five months,” said downtown business owner Barrett Hobbs. “We can’t just call the city and say, ‘Hey, we weren’t expecting this. Can you give us two years to pay this increase?’ And that’s kind of where we are.”
If not directly addressed by a special session, it is likely the legislature will discuss legislation to implement a property tax cap when it formally reconvenes in January. Though last year’s efforts were unsuccessful, with continued pressure from business and homeowners alike, the General Assembly may lend more weight to property tax reform in 2027.
Sources:
https://www.wkrn.com/news/broadway-bar-owners-governor-tax-issues
About the Author: Olivia Lupia is a political refugee from Colorado who now calls Tennessee home. A proud follower of Christ, she views all political happenings through a Biblical lens and aims to utilize her knowledge and experience to educate and equip others. Olivia is an outspoken conservative who has run for local office, managed campaigns, and been highly involved with state & local GOPs, state legislatures, and other grassroots organizations and movements. Olivia can be reached at olivia@tennesseeconservativenews.com.
One Response
Well Nashville, elected liberal tax and spend Liberals you get what ya voted for. Now, the Republicans are not clean in this also. What is Speaker Sexton and the state Republicans waiting for? They got redistricting done so why not this?