Friday, August 07, 2020

Digging Out: Where does Nashville's tax money go?

by Dennis Ferrier, FOX17 Nashville, Tuesday, August 4th 2020 - Local tax incentives: that sounds boring until you realize it is one of the biggest reasons Nashville is raising its property tax. 

The formula goes like this: You come to Nashville to build something big, a hotel like the Westin or a high-rise condominium like the Viridian, and Nashville gives you big tax breaks. 

“Essentially what they are doing is come to an already booming real estate market an area that doesn’t need any help to develop and we will cover a lot of these costs and use property taxes and sales taxes to help pay back the developers,” Ron Shultis, director of policy and research at the Beacon Center of Tennessee, said

....An 1,100 square foot apartment goes for more than $400,000 with a tax bill of about $4,000. Because of local tax breaks, only $115 of property tax goes to Davidson County. Everything else goes back to the developers.  (link)

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