Wednesday, May 6, 2015

Iconic Nashville Buildings Pay Little For City Services. Only $155 of $2600 tax on glitzy 1-BR condo goes to pay city services.

By Ben Hall. May 4, 2015, News Channel 5NASHVILLE, Tenn. -- Many of Nashville's most prominent buildings are essentially off the property tax rolls, a NewsChannel 5 investigation discovered.

Millions of dollars generated by those buildings in property taxes do not go toward city services and schools. Instead, their property taxes help pay for more development.
It's because of Nashville's use of tax incentives called tax-increment financing, also known as TIF.

That revelation came as a surprise to Diane Jarrell, who has watched Nashville grow from the balcony of her condo. She's a retired teacher who loves living downtown.

"Everybody's like you live in the ritzy part of town," Jarrell said.

She's reminded of the cost every time she pays property taxes. Her last bill was more than $2,600 for her one-bedroom condo.

"I know it's a high price, but it's the lifestyle I wanted," Jarrell said.

She doesn't complain about the taxes because her itemized bill shows much of it going to schools and public safety.

But she was shocked when we told her almost all of her property taxes actually go to the Metropolitan Development and Housing Agency (MDHA).

Last year, only $115 of her property taxes went to city services.

My Comment:  The next time you pay your  property taxes on your modest home in Madison or Woodbine or Antioch, to make the process even more painful, stop and realize you are subsidizing the city services enjoyed by some of Nashville's weathyist who live in the glitzy new high rises downtown.

Stumble Upon Toolbar
My Zimbio
Top Stories

No comments:

Post a Comment