If you live in Davidson county, then you are no doubt concerned about what the new property tax increase will look like for you. (2020 is really bringing it, yet again). Tax bills are issued in October, and most of us will find our escrow accounts short since the tax will be applied for ALL of 2020, not just July 1st forward.
To put this into context, our current rate is the lowest the city has had since 1963. Yes, 1963. Also, compared to other cities in the state, and comparable sized cities nationwide, we are quite low, so this increase was really long overdue given all the improvements made by the city to our downtown after 2010 – we borrowed a LOT to revitalize downtown that was not recouped through taxes.
I posted the images below on my business FB page when the increase was starting to be discussed as a probability.
Most lenders will pro-rate your escrow shortfall over the following year rather than requiring a lump sum payment. If you want to be able to budget for your 2020 taxes, go and find out exactly what your cost will be at this link. I just did mine, and will owe $1300 more than last year, but knowledge is power, so now I know I will either need to pay this in a lump sum in October, or plan to pay an extra $108 each month.
The Nashville market is still ticking over and seems to have mostly recovered from the hit taken during the Stay at Home order. Buyers are still buying, and more Sellers are slowly entering the market, but inventory is still reduced, thus keeping prices higher. Mortgage rates are still crazy low, so buyers want to capitalize on that before they rise.
FOOD GLORIOUS FOOD
As we continue cooking our way through the pandemic, a new favorite in the books is corn risotto made quickly and easily in the Instant Pot no less. Fresh corn is in season, so get some and treat yourself. I made a big batch so we can make arancini with the leftovers.
I hope everyone is staying safe, healthy, and engaged. While the news cycles are overwhelming, we are at a crossroads in this country and whatever your position, we all need to vote – local elections are coming August 6th, as well as the Presidential election in November. Election calendar and info may be found here.
Until next time!