MEMPHIS, TN - Memphis Mayor Willie Herenton announced he wants a 58 cent property tax increase for the City of Memphis. He made that announcement during his budget address at City Hall Tuesday afternoon, April 15, 2008.
The 58 cents will apply to every $100 of the taxable value of a house in the City of Memphis.
How would the increase affect homeowners?
If you own a $150,000 house, your current city taxes are $1,287 a year. With the proposed tax increase, the new tax price would be $1,537.50 per year, which is an annual increase of $250.50. That amount works out to about $20 per month.
The Memphis City Council will hold budget meetings on the Mayor's proposal for three weeks beginning Monday, April 21. After those meetings, a final vote will be held and the new budget will take effect July 1.
What do you think? It's your turn to Speak Up! Memphis.