Monday, January 22, 2024

Tennessee should cap local property taxes like most American states do

 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.

by Arthur Laffer, Joe Scarlett and Justin Owen, Guest columnists, The Tennessean, Jan. 17, 2023- Property tax bills, tax rates, and assessed property values have been on a tear here in Tennessee. 

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)

Dr. Arthur Laffer is founder of Laffer Associates, an economic research and consulting firm, and a former economic advisor to President Ronald Reagan.
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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