Jackson, TN Mayor hopes to allow residents to pay property taxes in bitcoin Tennessee, which collects no income tax, relies more on property and other taxes to fund state programs
The city of Jackson, Tennessee, is considering accepting property tax payments in the form of cryptocurrencies, according to Jackson Mayor Scott Conger.
The city’s “blockchain task force” is studying how a crypto property tax payment system works, Conger revealed in a Tweet Thursday evening.
Our blockchain working group is examining how the @CityofJacksonTN can accept property tax payments in #bitcoin and enable our DCA employees in Bitcoin.
– Mayor Scott Conger (@MayorConger) July 16, 2021
Conger announced the creation of the blockchain task force in April in a Tweet, saying he sees crypto as an integral part of the larger financial system going forward. He asked Miami Mayor Francis Suarez, known for his positive outlook on crypto, to help him launch the team.
“Mayor Suarez really interested me in how cities can adapt and progress using bitcoin and blockchain technology,” Conger told Blockworks. “I started talking with people, locally and it really hit me once Aaron Ingles pointed out the dollar price of lumber – massive inflation – versus the sat price. 2020-2021 lumber is actually cheaper, if you look at it through the lens of sats. “
Similar to Suarez’s plans, Conger has indicated that he sees the city becoming a major center for crypto mining in the future. Conger also said he hoped to give city employees the opportunity to receive wages in cryptocurrency. Jackson has a population of around 70,000, according to the latest census data.
Despite the recent massive sell-off in the crypto market, Conger is confident that bitcoin will rebound. It’s still early in space, and getting involved now is essential, especially given the fixed value of bitcoin, he said.
“I think we are still very early in the Bitcoin bell curve,” Conger said. “Zooming out is so important. I think short term volatility gives people a lot of heartburn, but if you look at the big picture bitcoin will only go up in value.
Tennessee, which is one of nine states in the United States that does not collect income tax on the salaries of residents, has an average property tax rate of 0.73% of the value of the home, according to the data from the tax policy research organization Tax Foundation. It is ranked 23rd among all US states for home ownership.