What the New Shelby County Property Tax Rate Will Cost You

What the New Shelby County Property Tax Rate Will Cost You

On paper, we're talking at most a few hundred more dollars in property taxes for people who live in pretty expensive houses. But there are people who don't have hundreds of dollars of extra income, and they're going to feel this tax increase.
MEMPHIS, TN (localmemphis.com) - People aren't going to leave Shelby County because their taxes are going up says Commissioner Mike Ritz, the lone Republican who voted for the increase.

The Shelby County Commission approved a 36-cent hike on Monday. It will raise your taxes retroactively to July 1st.

On paper, we're talking at most a few hundred more dollars in property taxes for people who live in pretty expensive houses. But there are people who don't have hundreds of dollars of extra income, and they're going to feel this tax increase.

For a home valued at $150,000 it will mean an additional $135 a year.

For a $250,000 home it means you'll be paying $225 more in property taxes.

And if your address is easy street where your home is valued at $350,000, it'll cost you an extra $315 a year in taxes.

Mike Ritz says he doesn't believe these increases will send anybody packing out of Shelby County.

"First of all, taxes aren't the number one reason to move anywhere for anybody that I know. It's usually jobs, quality of life, security, neighborhoods, churches, all kinds of other things."

The tax hike also means $20 million will go to the Unified School System.

For Bill Egbert however, there's nothing he can do. He's been following this Shelby County property tax increase talk from the start, and says he can't pay any more in taxes.

"I'm on Social Security," he said, "I'm 91 years old."

There was a lot of fighting between commissioners during this budget. Things won't be getting any better, says Ritz. In fact, things will probably get worse since next year is an election year.

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