A tension adjustment mechanism for a stringed musical instrument suitable for use on a tailpiece assembly comprises a pivoting member (such as a string receptor), an adjustable stop, and a lever handle engaged with the pivoting member. The pivoting member preferably has a post for securely receiving an end of a string and an elongate arm. Placement of the handle in a first position preferably causes the adjustable stop to engage and depress the elongate arm of the pivoting member, thereby increasing tension on the string. Placement of the handle in a second position preferably causes the adjustable stop to disengage the elongate arm of the pivoting member, thereby allowing the pivoting member to return to its original position, and decreasing tension on the string. A fine tuning adjustment may be included in the tailpiece assembly. The adjustable stop and/or fine tuning adjustment may comprise adjustable screws.