Limiting the growth in property taxes will benefit every single Tennessee family. And with prices of many goods and services at an all-time high, this relief couldn’t come a moment too soon.
People who have lived in their homes throughout their careers are seeing eye-popping property tax hikes that are putting a strain on their pocketbooks.
Rental properties have been forced to increase rents because of higher property taxes. And the costs of owning and buying a home have risen a lot in part due to property tax hikes.
In recent years, cities and counties across Tennessee have raised property taxes by double-digit percentage points. ... Forty-five other states have caps on property tax increases ... Tennessee is one of only five states that does not place a cap on property tax hikes, according to the Tax Foundation. ... Unabated property tax increases burden taxpayers on fixed incomes and strain their ability to stay in their homes. (read more)
Joe Scarlett is retired chairman of Tractor Supply Co. and vice chairman at the Beacon Center of Tennessee.
Justin Owen is president & CEO of the Beacon Center.
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