Deadline to apply is April 5, 2018
By Charlie Cardwell
NASHVILLE, TN — From the Nations to East Nashville to Germantown – Nashville’s hottest neighborhoods are attracting homebuyers and developers in droves. And with this rise in popularity has also come a rise in property values, and subsequently, property taxes.
Before many of these neighborhoods became highly coveted, they were affordable areas that native Nashvillians had called home for years. The unprecedented tax increases are now putting a strain on many of these longtime residents, forcing them to make difficult choices about relocation and prioritizing income and spending.
Fortunately, Davidson County has programs in place to assist those who are burdened by these tax increases.
Seniors aged 65 or older on or before December 31, 2017, as well as disabled Davidson County homeowners with an annual income of less than $29,180 (based on 2016 income), may be eligible for a tax credit. Disabled veterans of any age and income may also qualify. The applicant must own and use the property as primary residence and must be 100% disabled. Determination of eligibility is based on information provided by the Veterans Administration through use of a consent form (F-16) available at our office.
If your income is less than $41,660 (based on 2016 income), a tax freeze may be an option. If you qualify, your property taxes will be frozen at the 2017 rate. If the tax rate increases in subsequent years, you will continue to pay the 2017 rate.
With funding from the Metro Council, and the support of the Mayor’s Office, we want to ensure that all of our residents benefit from Nashville’s growth, and have earmarked $3.7 million for these relief programs. But in order to take advantage of these efforts, you need to take the first step to determine whether you qualify. It’s a 15-minute process that could make a huge impact on your family’s financial future. The deadline to apply is April 5, 2018.
If you are concerned about your ability to stay in your home, or even think that you might qualify for one of these programs, please give our office a call at (615) 862-6330 or visit http://www.nashville.gov/Trustee/Tax-Freeze-Program.aspx .
Nashville became the “It City” in large part for our ability to welcome new neighbors, but not at the expense of our seniors. Contact us today. We are here to help.
Charlie Cardwell is Metro Trustee.