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Nashville Bits and Pieces

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9 is exciting to see with River North and PSC Metals site. Interesting the area just across the river from 5 is not included. I bet that hurts the Ewing development.

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10 minutes ago, Andy20 said:

9 is exciting to see with River North and PSC Metals site. Interesting the area just across the river from 5 is not included. I bet that hurts the Ewing development.

It was never run down as all it was, was a undeveloped wooded area and that may be what it will remain..... oh sorry, they have taken down a lot of trees in hopes of kick starting something.

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On 6/12/2019 at 11:15 AM, TheRaglander said:

Now we’re doomed 

8D532C7A-5193-400F-BCF7-A0265BF8CAAD.jpeg

Three of these are based in front of E. Allen boutique on 11th in The Gulch.  They were not there in the colder months but returned in early May, I think.  I've seen two or three guys there occasionally who look like they're in charge.  I'm guessing you take 'em out for a spin and bring them back to where you rented them.  I'll talk to the guys next time I see them.

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On 6/15/2019 at 6:54 AM, titanhog said:

How about this sunrise photo from about an hour east of here by Fox17? :o

 

64405212_10157348862072290_876848548782538752_n.jpg

CODE RED ALERT CODE RED ALERT

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There are now 4 different budget plans proposed--3 of which include tax increases--that will be debated and eventually voted upon at Metro Council meetings starting Tuesday night.  Summary of all the plans at The Tennessean here:

https://www.tennessean.com/story/news/2019/06/14/nashville-mayor-david-briley-criticizes-tax-increase-proposals-third-budget-plan-filed/1461283001/

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All of these will be well and good, but when the big companies use their teams of lawyers to pay less on their tax bills then we will be right back in the same spot next year. 

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On 6/15/2019 at 8:45 AM, tragenvol said:

Looks like @jmtunafish's spread.  Seriously though....must be atop the rim in Putnam or White County or there about.

You've got good eyes.  The Fox 17 Facebook page says the picture is Sparta.

image.thumb.png.8389d28f681a6fa467dcb122adce9e73.png

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https://www.tennessean.com/story/money/2018/04/17/nashville-property-tax-shortfall-large-commercial-owners-took-home-80-reduction/516303002/

Hear is the article, it's about property taxes but if you keep raising property taxes and then the businesses get out of them, then the citizens just keep paying. Opryland received a $430k reduction and Element Music Row received a $453K reduction, that is almost $1million dollars right there. 

"Opry Mills, the land and shopping center by the Cumberland River, was one of about 1,000 high-value commercial properties whose owners successfully appealed the 2017 Nashville reassessment."

 

https://www.newschannel5.com/news/on-the-rise/homes-in-wealthy-neighborhoods-received-property-tax-decrease

This is also silly. The state all up in our business again. How does this even make sense? If someone could explain it, I'd be happy to listen. 

"By state law Metro is not allowed to take in additional money as a result of a property reappraisal, so property taxes went up for some homes and went down for others."

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1 hour ago, PaulChinetti said:

"By state law Metro is not allowed to take in additional money as a result of a property reappraisal, so property taxes went up for some homes and went down for others."

True, it seems odd but all of the new homes and properties constitute additional money.

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29 minutes ago, japan said:

True, it seems odd but all of the new homes and properties constitute additional money.

I didn't even think of that. As I read that, that would mean that Nashville can only take in 20 million in property taxes (for example), no matter what gets built?  If that was the case everyone's bills would keep going down, while the city had to provide more and more services to all the new homes/businesses. 

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2 hours ago, PaulChinetti said:

This is also silly. The state all up in our business again. How does this even make sense? If someone could explain it, I'd be happy to listen. 

The reason the state (which again has jurisdiction over cities, so it is their business) bars cities from collecting additional income in a reappraisal is that it would be too easy for a city to inflate the appraisals for quick cash. For example, Metro could otherwise eliminate their budget shortfall if their appraisers came back to your house and mine and decided they were now worth eight million dollars each and we had to pay property tax on that. The city has a conflict of interest towards maximizing the appraised value of the property within its limits to maximize its tax revenue, so the law prevents them from arbitrarily raising them.

5 minutes ago, PaulChinetti said:

As I read that, that would mean that Nashville can only take in 20 million in property taxes (for example), no matter what gets built?  If that was the case everyone's bills would keep going down, while the city had to provide more and more services to all the new homes/businesses. 

The appraisals are distinct from the tax rates levied using appraisals as a basis. Metro can take in more property tax revenue, they just can't hide the increase by inflating appraisals. They have to pass a property tax rate increase.

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8 minutes ago, PaulChinetti said:

I didn't even think of that. As I read that, that would mean that Nashville can only take in 20 million in property taxes (for example), no matter what gets built?  If that was the case everyone's bills would keep going down, while the city had to provide more and more services to all the new homes/businesses. 

No - it is only for existing construction, so as more residents move here and more gets built, we are allowed to collect additional revenue from new construction or in some cases a change in the use of a given property:

State law requires that a Certified Tax Rate (CTR) be set after each mass reappraisal to prevent local governments from realizing a windfall in tax revenues because of a reappraisal. The law, also known as “The Truth in Taxation Law,” provides that the CTR must not raise more revenues on existing construction than in the prior tax year. Thereby being revenue neutral. Increased revenue is realized from “new” construction. Only in a reappraisal year does the Office of Assessments participate in establishing the CTR by providing critical data to the State of Tennessee to set a CTR that is approved by the Mayor and the Metropolitan Council.

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From the above article where houses in Belle Meade are paying less, because.... I get lost at the part where houses that are now worth more end up paying less in property taxes.

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1 hour ago, PaulChinetti said:

From the above article where houses in Belle Meade are paying less, because.... I get lost at the part where houses that are now worth more end up paying less in property taxes.

Because the tax rate dropped significantly as a result of the overall assessment amount going up. So if you lived in a 1.5 million dollar house in Belle Meade that was reassessed and 1.52 million, your taxes likely went down. If you lived in a $250,000 house in WeHo that was reassessed at 500,000 because of the land value, your taxes likely went up.

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My taxes went down after the assessments. Basically if your house increased in value less than the average increase then your bill went down. If your house increased in value exactly the same as the county average, then you pay the exact same in taxes. 

This is why long time residents in gentrifying neighborhoods really got crushed. Their houses skyrocketed in value so their taxes went up. 

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10 minutes ago, PaulChinetti said:

So Nashville added another resident last night...

Turner Wallace Chinetti

Congrats to you and the Mrs., Paul!  : )

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