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File #: BL2021-864    Name:
Type: Bill (Ordinance) Status: Passed
File created: 8/10/2021 In control: Metropolitan Council
On agenda: 9/21/2021 Final action: 9/21/2021
Title: An ordinance amending Metropolitan Code Chapters 5.20 regarding the abatement of property taxes for certain improvements or restorations made to historic properties as authorized under the provisions of Tennessee Code Annotated Section 67-5-218.
Sponsors: Jeff Syracuse, Bob Mendes, Russ Bradford, Freddie OConnell, Emily Benedict, Tonya Hancock
title
An ordinance amending Metropolitan Code Chapters 5.20 regarding the abatement of property taxes for certain improvements or restorations made to historic properties as authorized under the provisions of Tennessee Code Annotated Section 67-5-218.

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WHEREAS, the Metropolitan Council approved Ordinance No. BL2019-3 on August 3, 2021, amending Metropolitan Code Chapters 5.20 and 17.40 to authorize the Metropolitan Government of Nashville and Davidson County to come under the provisions of Tennessee Code Annotated Section 67-5-218, thereby establishing a Historic Property Review Board empowered to abate property taxes relating to certain improvements or restorations made to historic properties; and

WHEREAS, calculations of the potential fiscal impact of the property tax abatements enabled under Tennessee Code Annotated Section 67-5-218 are inexact, given uncertainties as to the number of eligible property owners who may avail themselves of the abatement allowances and the value of the improvements and restorations made; and

WHEREAS, it is in the interests of the Metropolitan Government of Nashville and Davidson County to establish an annual maximum amount or cap upon the cumulative value of improvements made to, or restorations of, any structure for which historic property tax abatements may apply.

NOW THEREFORE, BE IT ENACTED BY THE COUNCIL OF THE METROPOLITAN GOVERNMENT OF NASHVILLE AND DAVIDSON COUNTY:

Section 1. That section 5.20.100 of the Metropolitan Code is hereby amended by modifying the section as follows:

5.20.100 - Historic Property Improvement and Restoration Tax Abatement Program.

A. The provisions of Tennessee Code Annotated Section 67-5-218 shall be applicable to the Metropolitan Government of Nashville and Davidson County as provided in this section.
B. The historic zoning commission as established by Article IX of Chapter 17.40 of the Metropolitan Code shall serve as the historic property review board for Nashville and Davidson Cou...

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