The way forward for Nashville’s iconic Broadway appears unsure on account of new property value determinations which have led to a major improve in property taxes. With 16.9 million guests within the final 12 months alone, and numbers anticipated to rise, it is regarding that a few of the beloved honky tonks and eating places may be pressured to shut their doorways. The primary difficulty is that the brand new value determinations, accomplished in 2024, have raised property taxes to unprecedented heights, making it troublesome for small companies to maintain up.
As Rob Mortenson, head of the Broadway Leisure Affiliation, put it, “These are of us which have been there for 40 years on Broadway, and, you realize, they cannot pay the taxes. Their choice is, I used to be informed, we’re both going to go bankrupt or go to jail, one of many two, as a result of we actually cannot pay the taxes.” This sentiment is echoed by Layla Vartanian, proprietor of Layla’s Honk Tonk, who has seen a 300-400% improve in property taxes since she opened her bar in 1997. She informed FOX17, “I’ve by no means seen a rise of any type of property tax or any type of tax in such a brief time frame.”
The fast development of Nashville has led to a 40% improve in property worth in Davidson County, which, whereas helpful for some, has resulted in skyrocketing property taxes for small companies. Consequently, some regionally owned institutions really feel they’re being taxed like firms merely due to their prime location. Metro Councilmember Jacob Kupin shared that some property tax payments have soared into the a whole lot of hundreds of {dollars}, with one enterprise seeing their tax invoice improve from $500,000 to virtually $1 million. He famous, “The constructing worth goes up, the tax invoice goes up, and most companies cannot simply eat a pair hundred thousand {dollars} out of nowhere. That will get handed on someplace — whether or not that is the price of meals, reducing again on staff, or, in some circumstances, shutting their doorways as a result of it is too costly.”
This might have a devastating affect on the vacationer hotspot, as guests are already discovering it costly to benefit from the space. With many bars and eating places already understaffed, reducing prices by lowering staff may result in catastrophe. If Metro leaders do not reassess the appraisal course of, the little, locally-owned joints that make Broadway so distinctive may be the primary to go, leaving the realm to change into much more company. Because it stands, the way forward for Nashville’s iconic Broadway hangs within the steadiness, and if one thing is not performed to alleviate the property tax drawback, it may result in a lack of character and allure that makes town so particular.
