NASHVILLE, Tenn. (WTVF) — Hefty taxes may be threatening the future of Broadway.
Last year's reappraisal hiked property taxes for many downtown bar owners. Some say they spiked more than 400%, and they can't afford it. This as another tax deadline approaches.
Nashville staples, like Robert's Western World, worry about the longevity of Broadway's favorite bars.
"It's like a gut punch," said Emily Jones, who owns Robert's and said their property tax jumped over 200%. "We're all gonna come out beat up, banged up, we've all felt it."
Down the way, at ACME Feed and Seed, the price for Tom Morales is even steeper.
"This year, in one year, it was, it’s up 450%. It went from $129,000 to $600,000," he told our Carrie Sharp earlier this week. "There does not seem to be a concern for the little guy, really."
Mayor Freddie O'Connell has acknowledged new property valuations may hurt some business owners, but he said it reflects market value.
"I think there's nothing different about this moment that has happened across the city except that this appraisal, after a period of our last appraisal occurring right after COVID, seems to be steeper across the board than previously," he noted during a mayor round table Friday.
While business drives on like usual, concern grows behind the scenes. The new taxes, some say, make the future of Broadway uncertain.
"Every single day we're seeing more and more businesses close," said Jones.
"This isn't just about money. It's about the soul of Nashville," added Morales.
Several, including the two business owners we spoke with this week, have appealed the appraisals. They hope to have a conversation with city leadership. We'll keep you updated on what happens.
Do you have more information about this story? You can email me at nikki.hauser@newschannel5.com.
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