Economist Art Laffer. (Photo: Submitted)
A battle is brewing in the General Assembly over caps on county property taxes.
Economist Art Laffer, an advisor to multiple Republican presidents, is pushing lawmakers to prevent large one-time county property taxes increases that he says stunt growth.
In contrast, county mayors across Tennessee say a cap could hamstring them as they try to cope with growth, particularly in the counties surrounding Nashville.
“This is the last big problem for creating prosperity here in Tennessee, to put guardrails on the property tax structure,” Laffer said in an interview at his office in West Nashville.
The supply-side economist known for the Laffer Curve said his proposal would cap property tax increases at 2% but allow for exceptions to pay off debt and enable voters to approve larger increases for a limited period of time. Sen. John Stevens, R-Huntingdon, and Rep. Ryan Williams, R-Cookeville, are carrying the bill, which is still being written.
I hate the state telling us what we need.