Smyrna opens first of three public hearings on homestead exemption change; no public speakers

The City of Smyrna held the first of three public hearings Wednesday on the mayor and council’s stated intention to opt out of the statewide adjusted base-year ad valorem homestead exemption. No members of the public spoke during the hearing.

Why it matters: The opt-out would determine whether Smyrna’s homeowners remain under the city’s existing floating homestead exemption or move to the statewide adjusted base-year system, which includes an inflation-adjustment escalator. Staff said the city’s current floating exemption provides a greater benefit to taxpayers by freezing property values at the purchase price.

Staff background: Jeff Bennett, a city staff member presenting background, said, “The city of Smyrna's floating homestead exemption provides a greater benefit to the taxpayer than the statewide adjusted base year ad valorem homestead exemption.” Bennett added that the statewide option “did provide for an inflation adjusted escalator, which our floating homestead exemption does not,” and that the city’s floating exemption “freezes property values, at the purchase price.”

Public process and next steps: The council opened the hearing and invited speakers to be sworn in; seeing none, the council closed the hearing. Officials noted this is public hearing 1 of 3 and did not take a vote at the meeting. The item will return for subsequent hearings and further consideration by the mayor and council.

Ending: No vote was taken; residents seeking to comment will have additional hearing opportunities as scheduled by the city.