Metro's proposed tax rate may be low but it doesn't guarantee you'll save money Will you end up paying less if Metro Council approves the mayor's plan? and last updated 2021-04-29 23:17:19-04 NASHVILLE, Tenn. (WTVF) â Under Mayor John Cooper's proposed property tax rate, the city's equalized rate will be the third-lowest of all time in all of Metro's history - $3.28. However, even if that low proposed rate passes, it does not necessarily mean homeowners will save any money. State law requires anytime that property values go up, the tax rate must come down. And needless to say, Nashville's market is hot.