Apr 23, 2024
MEMPHIS, Tenn. — Mayor Paul Young will present his first budget plan to the Memphis City Council on Tuesday, and has said it comes with an increase in taxes to fill a $30 million budget gap. Young's presentation is the first item on the agenda for Tuesday's meeting, which begins at 3:30. At an event last week, the mayor said his budget would include an increase in property taxes, though he did not provide details on the amount or what additional programs might be funded. “When I go to the city council next week to present our budget, I’m going to ask for a tax increase,” he told the audience. “And trust me, I would rather not ask. But I believe that it’s the right thing for our city, I firmly believe that this is the only way for us to change our trajectory.” Memphis mayor says he will seek tax increase Memphis’ 2024 property tax rate is about $2.70 per $100 assessed value, according to the Shelby County Trustee’s office. The city’s current tax rate is below where it stood in 2020 and the years before that, when the property tax rate was above $3. This is the first budget presentation for Young, who took office in January. The next fiscal year's budget would go into effect in July. WREG will update this coverage after the presentation on Tuesday afternoon.
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