As with most municipalities, Nashville was ordered shutdown in mid-March under “Safer-At-Home” orders.
Nashville demorat mayor, John Cooper, stated the following: “Nashville will be living with COVID-19 until there is an effective vaccine for the virus. Living with COVID-19 means returning to work with COVID-19. We must proceed carefully to ensure we do not create a surge that will send us all back home. Nashville’s economy will open in four phases. We will only move to the next phase if there is positive improvement/stability in the metrics for 14 days.”
Due to the closing of businesses and Wuhan virus safer-at-home order, the city estimates they will lose $740 MILLION in revenues over the next 16 months.
The way to recover that? Increase property taxes by 32%. Read the whole story about their budget here.
Talk about a surge…for homeowners who have lost their jobs or businesses. Expect to see more news like this across the country as municipalities struggle to recoup revenue lost from completely shutting down their economies.