There are 11 article(s) tagged Property tax:
With the City of Memphis looking at a proposed 28% property-tax increase and some citizens calling for the government to cut the fat instead, The Daily Memphian reviewed the city’s proposed fiscal year 2025 budget.
“I think it’s time for us to step into a new reality,” he told a crowd of several hundred at Mount Vernon Baptist Church. “I’m going to ask for a tax increase.”
Governments across the suburbs are starting the annual springtime reviews of proposed spending, anticipated revenues and what program are important enough to receive funding in the fiscal year.
Collierville approved its budget Monday. The budget is the town’s financial plan for July 1 through June 30, 2024.
Council Chairman Martavius Jones has proposed a $0.29 increase to the city’s current $2.71 property tax rate, which would raise about $40.6 million in new revenue for the city if it passed.
The Institute for Public Service Reporting found that, between August 2020 and February 2021, the height of the pandemic, local governments auctioned off nearly 1,700 tax-delinquent properties, about a fourth of which seem to be owner-occupied homes.
The new tax rate of $1.75 per $100 of assessed value is an increase over the certified tax rate of $1.51 set following reappraisal. The certified rate accounts for the increase in property values seen in this year’s reappraisal of property for tax purposes.
Aldermen reviewed the general fund and capital improvements in a work session on Wednesday. The aldermen plan to have the final review of the budget by the end of August.
The notion that low taxes are good for Memphis is a bill of goods, more hollow than the Pyramid and less financially sound. Low taxes help the richest in our society and hurt the rest of us.
Despite a decrease in sales tax revenue, Collierville is proposing a flat property tax rate. The tax rate will remain at $1.83 per $100 of assessed property value.
Collierville expects no property tax increase in the coming fiscal year, the town said Monday.
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