NASHVILLE, Tenn. (WKRN) – A new law making its way through the Tennessee State Capitol seeks to cap the amount local governments can raise property taxes without public input.
HB0565/SB0171 seeks to limit municipal property tax increases to 2% without a referendum.
World-renowned Pitmaster Carey Bringle, owner of Peg Leg Porker, told News 2 that she supports the law. Bringle has been vocal about his opposition to Nashville's 34% property tax hike in 2020.
“I predicted this a few years ago when we had a 34% property tax increase in the middle of a pandemic that would drive a lot of independent businesses,” Bringle says. “And we've seen that happen. We've seen a lot of restaurants go away. A lot of these small, independent businesses are going to be replaced by larger developments and these We have to leave downtown because of the tax rate.”
Since purchasing the building in the Gulch in 2012, Bringle said his property taxes have increased exponentially in response to the value of his property. However, Bringle explained that his property value will only benefit him if he goes to sell.
“Property taxes have increased about 800 percent since we bought the building so far,” Bringle said. “I'm not developing my property to become a hotel or a big resort or anything. We're a restaurant and we're feeding people, so the purpose of our property is Nothing has changed at all, but our taxes have still skyrocketed exponentially.”
Rutherford County also saw a major property tax increase of 16% last year amid funding challenges and record-breaking growth.
“It's a double-edged sword. Citizens also need to understand that city government has to run and the money has to come from somewhere, but what you find from the citizens of Tennessee and Nashville I think the point is that no one cares about paying their fair share, but they want to make sure the money is spent in a fiscally responsible way. Please,” Bringle said.
Bringle fears that if taxes continue to increase at such a rapid rate for downtown businesses, the city will be forced to close more Nashville Staples and outside businesses will move in. Masu.
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“I'm here for the long term. We're here to feed Nashvillians. We don't want to be kicked out of a neighborhood where we've invested millions of dollars and created 50 jobs.” No. Now we will be punished by our city for its economic growth and development,” he added.
A poll from the Beacon Center found that 67% of people support a property tax without a referendum. Tennessee is one of the few states that has no limits on raising local property taxes.