Memphis Mayor A C Wharton Jr. presented a $622.5 million operating budget proposal to the Memphis City Council Tuesday, April 16, that would require a property tax rate increase of 28 cents.
That would bring the city property tax rate, currently at $3.11, to $3.39.
Wharton said the 28 cent rate increase is necessary to make up for $15 million in city revenue lost in the 2013 reappraisal as property values for the purposes of taxation dropped. The rate increase also covers $10 million in added debt service the city begins to pay starting with the new fiscal year July 1 because of a restructuring of the city’s debt several years ago.
Read more: Memphis Daily News