The feeling of “sticker shock” has become all too familiar these days, affecting everything from groceries to insurance premiums. Unfortunately, Tennesseans may be more shocked than most not only with everyday purchases, but with annual local property tax bills. Being one of only four states lacking any statewide measure to protect taxpayers from the rising cost of property taxes, Tennesseans can face unlimited property tax increases from local governments. The rising cost of living is coupled with the increasing cost of local governments, though many are raising rates well beyond the cost of inflation.
It’s difficult to forget Nashville’s 34 percent increase at the onset of the pandemic, but some residents elsewhere in Tennessee have witnessed even more egregious hikes, some with rates more than doubling in recent years. The purchase of a home or renting a property has already become difficult for so many in our state. For a state that prides itself on a low tax burden, local governments— with no limit on raising property taxes—have an outsized influence on raising the cost of living for Tennessee residents. Unbridled tax increases contribute to making the dream of home ownership, or continuing to afford their current one, even further out of reach.
If Tennessee wants to protect its residents in all aspects and truly take claim to being a low-tax state, lawmakers should look around the nation and see that we are in the small minority that fails to protect citizens from unjust property tax hikes. As one of four states without these protections, Tennesseans are left at the will of local governments, and as we have seen, one large increase is not enough for governments without limitations. To lower the cost of living and especially housing costs, simple taxpayer protections should be a priority for Tennessee.