Par Brad Wallace
On Tuesday, March 31, 2020, Nashville Mayor John Cooper announced during his first State of Metro that he will propose a “sharply” increased property tax rate despite the uncertainty the nation is facing as a result of the ongoing virus and the inevitable recession that will follow. This move is a stark contrast to the rest of the nation that seemingly understands the hardship that the hospitality and entertainment industry is going through—a considerable portion of downtown Nashville’s economy.
Currently, most of the counties that Ryan experts have spoken with that heavily rely on the entertainment and hospitality industry are taking a wait-and-see approach. In some cases, tax collectors already extended payment and appeal deadlines to alleviate the financial burden the industry is facing. The proposed rate increase comes directly before the next county-wide reassessment in 2021, where commercial property owners could see 25% or greater increases in their assessed value. Property owners could potentially be looking at back-to-back major increases in their overall tax burden.
If you have any questions, please visit our COVID-19 Updates site, as our experts are in constant contact with the jurisdictions and making updates to the site as notifications become available.
TECHNICAL INFORMATION CONTACTS:
The material presented in this communication is intended to provide general information only and should solely be seen as broad guidance and not directed to the particular facts or circumstances of any individual who may read this publication. No liability is accepted for acts or omissions taken in reliance upon the content of this piece. Before taking (or not taking) any action, readers should seek professional advice specific to their situation from Ryan, LLC or other tax professionals. For additional information about this topic, please contact us at firstname.lastname@example.org.