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A resolution increasing the maximum income limit for eligibility in the Property Tax Freeze Program that provides financial assistance to low-income elderly residents of Metropolitan Nashville-Davidson County beginning in Tax Year 2024.
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WHEREAS, the Property Tax Freeze Act, Tenn. Code Ann. ? 67-5-705 (the "Act"), permits the legislative body of a county or municipality to adopt a property tax freeze program that protects qualifying low-income elderly homeowners from rising property taxes by freezing the amounts of their annual tax bills to the amount of their taxes owed in the first year that they qualified for the program or the actual amount of their property taxes for that respective year, whichever is less; and,
WHEREAS, the Metropolitan County Council led the way by becoming the first county legislative body to adopt and establish a property tax freeze program for its residents in the State of Tennessee when it adopted RS2007-2080 on July 17, 2007; and,
WHEREAS, the Metropolitan County Council has shown commitment and steadfast leadership on this issue for almost two decades by being at the forefront in advocating for the General Assembly to increase the maximum income limits for eligibility in the property tax freeze program for low-income elderly residents by adopting RS2009-789 on May 19, 2009, and RS2020-352 on May 26, 2020; and,
WHEREAS, the General Assembly, led by the moral leadership of State Representative Harold M. Love, Jr., adopted SB871/HB366-codified as Public Chapter 271 of the Public Acts of the 113th General Assembly-that amended the Act to allow for an increase in the income eligibility for participants in the property tax freeze program to be $60,000, for which the limit is currently $47,750; and,
WHEREAS, amending the Act was done in recognition of the tremendously high spike in inflation experienced in Tennessee and across the country, as well as based on the significant increase in real estate values over the past ten ...
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