Nashville Metro Council members are considering a resolution that would give owners of historic homes a smaller tax bill, if they choose to improve the property rather than tearing it down.
The bill, if passed, would create a Historic Property Review Board that would consider applications for the tax abatement program.
The legislation was proposed by Councilman Jeff Syracuse. He says the city has too few incentives to prevent historic properties from being torn down as the value of land soars.
“We really need more tools in the toolbox when it comes to historic preservation,” Syracuse said. The proposal, he added, “encourages folks to save a historic property instead of knocking one down.”
Syracuse says the measure could go a long way in saving historic neighborhoods like Music Row.
The only other county to implement a similar initiative is Rutherford. Its program started in September, but it’s been in the works for five years.
It applies to any improvement or restoration of a historic home. But according to Rutherford County officials, no one taken advantage yet.
WPLN’s Tony Gonzalez contributed to this report.