Nashville property tax increase grew faster than the rest of the country
NASHVILLE, Tenn. (WZTV) — According to a market intelligence researcher with ATTOM, nationwide data obtained from 2020 to 2021 shows Nashville had the highest increase in property tax values of any other city.
Rick Sharga EVP with ATTOM says, “in Nashville we saw tax asset values go up by 27% year over year. That was the highest in the country. The runner up was Milwaukee at 19%.”
The rest of the country say a 1.8% increase on average. With one first time home buyer, Jimmy Mansfield telling FOX17 that he and his wife had to take into account rising property taxes when going into buying a home in east Nashville.
Mansfield says, “it’s a little scary being a first time home buyer in general and then when your buying in this kind of market – to see the taxes and everything go up as fast as they are – that’s where some of the fear comes.”
Mansfield says with his CDFI loan – he will have to pay that tax monthly, as opposed to
at the end of the year. This long-time resident says there are pros and cons to Nashville's growth. He says, “on one hand there's a lot of things to do, and lots of activities, but on the other hand its getting really expensive to live here.”
Although property rates increased the fastest in the Nation in 2021, Nashville still has one of the lowest tax rates among metro areas with a population of at least 1 million.
Andy Borchers with Lipscomb University says this increase came about after council members raised the budget expenditures in 2021, and as a result of it we see an increase in property taxes. Borchers says, "it's really a fair question as to what level of government expenditures do we think we need- the level of support for our schools, parks, police, all the various expenses we ave to decide what we want Nashville to be.”
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