New TN bill would limit property tax increases

A new bill being introduced in the TN legislature, sponsored by Rep. Jason Zachary of Knoxville, would limit cities and counties from raising property taxes more than 2% per year over three years, unless a majority of voters approved a larger increase through a referendum. If a municipality did not raise property taxes for two years, it could approve a 6% increase in the third year under the bill. The proposal follows what Rep. Zachary calls “egregious” property tax increases in municipalities across the state.