Flood victims can prorate taxes with new legislation

Wednesday, July 21, 2010 at 11:10am
Staff reports

The Metro Council on Tuesday adopted legislation that allows Davidson County flood victims to have their property taxes prorated.

“This is one of things that we can point to that will actually give some folks some help,” the council’s Budget and Finance Committee chair Ronnie Steine said.

Under the enabling legislation recently passed by the General Assembly, residents whose property sustained damages valued at 50 percent or more can qualify for a prorated property tax assessment. Flood victims have until Sept. 1 to apply.

Prior to the revised law, the prorated property tax assessment applied only to owners whose structures hadn’t been restored by Sept. 1. Now, the tax break is available any resident whose property hadn’t been restored within 30 days of the flood.

Metro Council attorney Jon Cooper has estimated that the tax break would have a $20 million impact on Metro property tax revenues.