By Ben Hall. May 4, 2015, News Channel 5, NASHVILLE, Tenn. -- Many of Nashville's most prominent
buildings are essentially off the property tax rolls, a NewsChannel 5
investigation discovered.
Millions of dollars generated by those buildings in property taxes do
not go toward city services and schools. Instead, their property taxes
help pay for more development.
It's because of Nashville's use of tax incentives called tax-increment financing, also known as TIF.
That revelation came as a surprise to Diane Jarrell, who has watched
Nashville grow from the balcony of her condo. She's a retired teacher
who loves living downtown.
"Everybody's like you live in the ritzy part of town," Jarrell said.
She's reminded of the cost every time she pays property taxes. Her last bill was more than $2,600 for her one-bedroom condo.
"I know it's a high price, but it's the lifestyle I wanted," Jarrell said.
She doesn't complain about the taxes because her itemized bill shows much of it going to schools and public safety.
But she was shocked when we told her almost all of her property taxes
actually go to the Metropolitan Development and Housing Agency (MDHA).
Last year, only $115 of her property taxes went to city services.
My Comment: The next time you pay your property taxes on your modest home in Madison or Woodbine or Antioch, to make the process even more painful, stop and realize you are subsidizing the city services enjoyed by some of Nashville's weathyist who live in the glitzy new high rises downtown.
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