NASHVILLE, TN (WSMV) - Nashville business owners are facing a new reality after Nashville’s Metro Council approved a new budget with a 34 percent property tax increase on Tuesday.
News4 spoke with business owners in the gulch, who are already struggling after facing shutdowns stemming from the coronavirus pandemic.
As well as the rising property values in an ‘up-and-coming’ neighborhood, the tax hike brings an added stress to businesses like Tennessee Brew Works and King Baby Studio, which just barely reopened.
“We have just barely reopened but the traffic is not back,” said King Baby CFO Mike Binder. “we think it’s a little unjust and unfair. even penalizing for people who decided to build up that area that 7 and 8 years ago certainly what it is today.”
Councilman Bob Mendes, who presented the alternative budget that passed over Mayor John Cooper's, says this is the first property tax rate increase in Nashville since 2012.