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smeagolsfree

Nashville Bits and Pieces

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10 hours ago, Buildtall said:

Anyone know if something is coming to to the old TOYS-R-US Lot in Rivergate? Photo taken today by friend.

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Maybe they sneak in a smaller toys r us as well. I’m think I heard that the brand is making a comeback with a total redesign. 

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1 hour ago, markhollin said:

Metro Council approves 34% property tax hike by 32-8 margin. 

Isn’t there some law by the state that taxes for the city can’t actually increase or something? 
 

I’m trying to google but coming up blank with what I’m thinking of. 

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26 minutes ago, PruneTracy said:

Thanks @PruneTracy so what went wrong during Mayor Barry's administration? From that video and website, it sates: 

The process ensures the amount of total taxes collected for a county remain the same after a reappraisal, even if the combined value of all property in the county rose or fell following the reappraisal. 

Did we have a shortage of revenue because of successful "appeals" to the assessed value, or did we have less revenue because we lowered the tax rate, or both?

Can Nashville always have a situation where we increase or keep the rate the same, but subsequently we have a bunch of appeals that lower the assessed value of certain properties, and then we end up with a revenue shortage? 

Edited by nashvylle

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The whole revenue neutral thing is a bit confusing, I'm not sure what the mechanism for doing that is. For instance, if all the property in the county was reappraised and increased in value, I suppose there must be some sort of automatic property tax decrease. Additionally, the reappraisal is an effective rate increase or decrease depending on where you live. After the last reappraisal, many property owners in gentrifying areas of the city (North and East for instance) saw rate increases, while property owners in already wealthy areas (Green Hills for instance) saw rate decreases.

However, as made clear last night, there is nothing preventing the Council from raising property taxes via the yearly city budget. Keep in mind, the previous property tax rate (which was not adjusted following the last appraisal), was the lowest property tax rate in the city's history. Secondly, even after the rate increase, Nashville's property tax rate is lower than every other large city in the state. 

The other tax rate that Nashville can adjust in its yearly budget is the local sales tax. But that is capped at 2.75%. Nashville's local rate is 2.25, which is lower than Brentwood, Franklin, M'boro, Smyrna, which are all at the max rate. 

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3 hours ago, PaulChinetti said:

Isn’t there some law by the state that taxes for the city can’t actually increase or something? 

The total $$'s taken in by Metro cannot increase as a result of a reappraisal/reassessment. Increases voted on by Council are perfectly legal.

2 hours ago, nashvylle said:

we lowered the tax rate

This. Prior to last night's vote Metro's property tax rate was the lowest in history.

20 minutes ago, Nashvillain said:

rate increases

The rate didn't change based on location, the amount paid did. Places that appreciated faster than the county average saw an increase, those growing more slowly, a decrease.

As I understand it the policy of not increasing the total $$s via reappraisal is to avoid 'stealth' tax increases via appraisal. Instead the local has to vote on an increase.

Edited by Rockatansky
Clarification
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5 hours ago, smeagolsfree said:

Here is a screen shot of the plan for 1800 Gallatin.

 

1800 gallatin.png

It's a disappointing amount of asphalt, but pretty par the course for this area. Glad to see it at least broken up with islands and not a complete "sea" of asphalt

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2 hours ago, Rockatansky said:

The total $$'s taken in by Metro cannot increase as a result of a reappraisal/reassessment. Increases voted on by Council are perfectly legal.

This. Prior to last night's vote Metro's property tax rate was the lowest in history.

The rate didn't change based on location, the amount paid did. Places that appreciated faster than the county average saw an increase, those growing more slowly, a decrease.

As I understand it the policy of not increasing the total $$s via reappraisal is to avoid 'stealth' tax increases via appraisal. Instead the local has to vote on an increase.

I believe from what I know that the above from Rockatansky is accurate.  The one thing I do believe also occurred is that the tax assessors office was VERY lenient with anyone who came in to protest their reassessment and lowered some at ridiculous amounts.  I live in Green Hills and had a substantial decrease. I have heard many mixed stories of increases and decreases.  The main issue, and I do understand that no one wants a huge increase, but compared to virtually any other city in the country ,we have by far the lowest property taxes anywhere. He is right that the rates in Memphis, Knoxville, Chattanooga, Murfreesboro and Clarksville ( I believe) are all higher that the new increased amount. 

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3 minutes ago, GreenHillsBoy said:

I believe from what I know that the above from Rockatansky is accurate.  The one thing I do believe also occurred is that the tax assessors office was VERY lenient with anyone who came in to protest their reassessment and lowered some at ridiculous amounts.  I live in Green Hills and had a substantial decrease. I have heard many mixed stories of increases and decreases.  The main issue, and I do understand that no one wants a huge increase, but compared to virtually any other city in the country ,we have by far the lowest property taxes anywhere. He is right that the rates in Memphis, Knoxville, Chattanooga, Murfreesboro and Clarksville ( I believe) are all higher that the new increased amount. 

what happens if the rate is not changed, and appraisal across the county are lower... does metro take in less money?

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Billionaire west coast investor/developer John Pritzker is still hot on Nashville, having just bought Hutton Hotel last week.  He also helped develop the successful Thompson Hotel in The Gulch.  Here are some snippets from an interview he did with NBJ:
 

NBJ: How would you compare present-day Nashville to what you observed working on the Thompson Hotel project?

Pritzker: I think it's what we thought it would be, which is what made us run to Nashville. At the risk of blowing smoke, it really is true: When we started coming here in the early stages of the Thompson deal, I went to Pinewood Social. I was blown away by how dynamic it was, just in that one space. And you start hearing the statistics about how many people are migrating to Nashville — it was stunning. Somehow, Nashville has been able to not just accommodate all those people but benefit and grow as a result. It's created a really crazy-great environment. You mix in a couple of dollops of the fact that you can actually get things done in Nashville, whether it's permitting or just the business-friendly standpoint. There are some cities I wouldn't go back to right now. Nashville isn't one of them.

What's next for you and Geolo Capital here? We're in hospitality and multifamily. We'd love to find some multifamily opportunities. Nashville is one of the places we're going to look. I live in San Francisco and the cost of living here, it chokes people. I think people are thinking about moving out of these giant urban centers … and the notions of lifestyle and cost of living really do make Nashville one of the great places for people to go.

Our hotel industry had been roaring before Covid-19 brought it to a screeching halt. What are your expectations for how and when the industry will recover? People are just clamoring to get out of Dodge, yet they don’t want to get in airplanes. The drive-to destinations will be the first to come back. I think urban properties will be challenged for awhile, especially in convention cities: I don’t see anybody signing up to go to a 30,000-person trade show. Places like San Francisco, Chicago, New York, they'll be challenged for a long time. Nashville is a resilient place. It’s got huge opportunities. 

More behind the NBJ paywall here:

https://www.bizjournals.com/nashville/news/2020/06/17/exclusive-billionaire-hotel-scion-pritzker.html?iana=hpmvp_nsh_news_headline

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One of Nashville's leading developers,  Tony Giarratana (and friend on the U.P. Forum),  was randomly assaulted with a skateboard during the protest that turned ugly on the evening of May 30th.  During the unprovoked attack  Giarratana suffered significant injuries and received treatment at a local hospital. The criminal has been arrested and released on bond related to charges of aggravated assault, rioting, and felony vandalism stemming from his actions that night.

https://www.newschannel5.com/news/influential-nashville-developer-tony-giarratana-assaulted-with-skateboard-during-destructive-protest

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Nashville was dealt another blow by the pandemic. NASCAR has cancelled Champions Week 2020 in Nashville due to COVID-19. They have plans to return in 2021. I’m sure the economic impacts could be discussed in that thread, but a disappointing blow for the city. 

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Not sure where to post this, but does anyone know if the Tennessee State Museum is open? Google maps lists their hours as open today, but when I called the message says they are closed due fo COVID-19. I had thought museums were opening? I appreciate any info. I brought a family member to town for her first visit. Was hoping to visit the museum if possible. If not, thankfully we have many greenways and Opryland hotel if that’s even open. 

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Email from them says they reopened on July 1

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Frist Art Museum has reopened. Buy timed tickets online. Masks required. Temperature taken prior to entry.

According to their website Lane Motor Museum is open. (I love this place!)

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I feel like a tour guide today...Nashville Zoo is open. Buy timed tickets online. Masks required. (They let you bring in food/drink, and as hot as it is....WATER)

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