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PFM adviser warns Tennessee property-tax cap could squeeze Clarksville budget, affect credit rating
Summary
Lauren Lowe of PFM told Clarksville council members a recurring Tennessee bill would cap property-tax revenue growth at 2% plus inflation and, if enacted, could create multi-million-dollar shortfalls for recent budgets and draw close scrutiny from rating agencies.
Lauren Lowe, an independent financial adviser with PFM, told the Clarksville City Council on April 30 that a recurring Tennessee bill would cap property-tax revenue growth at 2% over the previous fiscal year plus an inflation adjustment and that the measure — though removed this session — could return.
"It capped the property tax revenue growth at 2% over the previous fiscal years, plus inflation," Lowe said, noting the bill as filed would apply to total property-tax receipts rather than assessed value and would exclude new construction and debt-service receipts. She added rating…
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