Latest news with #UnifiedHousingStrategy
Axios
13-05-2025
- Business
- Axios
Realtors back Mayor O'Connell on housing plan
Nashville's Realtor association will work with the city on its new Unified Housing Strategy, the organization announced last week. Why it matters: Mayor Freddie O'Connell's administration needs private sector buy-in to successfully implement the 10-year strategy to address Nashville's housing crisis. Catch up quick: Nashville needs 90,000 new homes over the next decade to keep pace with its surging growth, according to the Unified Housing Strategy report released last month. The report aims to align all Metro agencies working on housing issues and identify strategies to ease the affordability crisis. That followed the Planning Department's release of the Housing and Infrastructure Study earlier this year. That report, which was commissioned by the Metro Council, examined policy changes and investments that could help spur more housing. What they're saying:"We're encouraged to see Metro aligning policy, planning, and community input in ways that can help expand access to homeownership and housing security," Greater Nashville Realtors president Collyn Wainwright said in a press release. In addition to the Realtor association, the Community Foundation of Middle Tennessee conveyed its support for the plan after it was announced. Community Foundation CEO Hal Cato said the nonprofit organization would "lean in with our Metro partners to help create a true community coalition united by a shared determination to make an impact on this issue that is foundational to our well-being as a community."
Axios
01-05-2025
- Business
- Axios
O'Connell calls for tax increase in $3.8B budget
Nashville Mayor Freddie O'Connell is proposing to raise property taxes by about 26% as part of his $3.8 billion operating budget. Why it matters: Property owners would pay more taxes. The tax increase has already garnered pushback from conservative groups, and sets up another gritty political battle for O'Connell. Between the lines: Nashville leaders have raised property taxes just twice since 2005. The most recent increase was in 2020, when the rate went up 34%. Metro insiders expected an increase this year. A 2023 study concluded Nashville had one of the lowest tax rates among major cities in the nation. O'Connell's budget, including the tax increase, will likely garner enough support within the Metro Council to pass. What he's saying: The mayor outlined his budget during Thursday's State of Metro speech at the downtown public library, while directly addressing protesters — including one dressed as a cow and another as the grim reaper — who lined the sidewalk outside. "Many of you undoubtedly walked past folks this morning who believe that property tax going up for any Nashvillian by any amount is unnecessary — just more government spending," he said. "These are the same people celebrating the chaos of federal cuts — which, make no mistake, are NOT about efficiency." "What they won't tell you is that what they're proposing means we wouldn't fund our schools, services and safety," O'Connell continued. Context: The process of setting a tax rate is especially confusing during property appraisal cycles, which take place every four years. Assessor of Property Vivian Wilhoite's office concluded the average countywide increase was 45%. But that doesn't mean property taxes are going up 45%. The state requires appraisals to be revenue neutral for local governments. Under a process called equalization, the tax rate is therefore reduced by about 45%. By the numbers: The current combined rate for urban and other areas is $3.254 per every $100 of assessed value. The equalized rate will be $2.222. O'Connell is proposing a rate of $2.814, which constitutes an increase of 26.64%. To figure out your tax bill, determine the assessed value of your home (25% of the total appraised value). Divide the assessed value by 100, and then multiply by the proposed tax rate of $2.814. Metro also has a tax calculator on its website. According to Zillow, the average Nashville home value is $436,048, which would lead to an annual bill of $3,068 under O'Connell's proposal. If there was no tax increase, the same bill would be $2,422. Zoom out: Though his budget does not include many new big-spending items, he did commit additional funding for schools and housing. O'Connell proposed a 13% bump in schools' funding, primarily to pay for college and career readiness, tutoring and summer learning, mental health programs and school safety. He also committed $45 million to affordable housing initiatives outlined in the recently released Unified Housing Strategy. The bottom line:"This is a basic, common-sense budget that follows a 2025 budget in which we asked each department to reduce spending," O'Connell said.
Axios
29-04-2025
- Business
- Axios
Metro unveils 10-year strategy to ease Nashville's housing crunch
Nashville needs 90,000 new homes over the next decade to keep pace with its surging growth. State of play: The colossal need for affordable homes headlined the Unified Housing Strategy, which Mayor Freddie O'Connell unveiled Tuesday. Metro leaders billed the report as the city's 10-year road map to address its housing challenges. The big picture: O'Connell is expected to make an aggressive investment in housing in his upcoming budget proposal this week. The city has committed $30 million to housing initiatives in recent budgets, but O'Connell's funding plan is likely to come in north of that figure. What he's saying: O'Connell lauded the report for quantifying the city's pressing housing needs. "There isn't one single approach that is suddenly going to make the starter home in every neighborhood in the city something that is realistic, but we know if we get all of these things right we should start to see the pressure of the housing crisis come down," he said Tuesday at a press event. Zoom in: The report aims to align all Metro agencies working on housing issues and identify strategies to ease the affordability crisis. O'Connell emphasized that the Unified Housing Strategy includes metrics to measure whether the city's approach is successful. "The (Unified Housing Strategy) is Metro's first comprehensive housing strategy that looks at the city's housing crisis from all angles — from how much housing needs to be created and preserved to particular challenges residents encounter in their housing journeys," Metro housing director Angie Hubbard said. By the numbers: The strategy calls for 20,000 homes targeted at residents earning 60% of the area median income, which is $64,140 for a family of four or $44,940 for a single person. Flashback: Nashville is no stranger to studies and reports about affordable housing. In 2021, the city released the Affordable Housing Task Force report.
