Collierville’s Board of Aldermen and Mayor approved a $.20 cent property tax increase Monday evening. The move is the second largest year to year tax increase in the town in more than two decades.
The board voted unanimously to change the city’s current property tax rate from $1.63 to $1.83. Collierville Mayor Stan Joyner says the move was necessary to offset $2-million less in revenue the city received last year.
The city of Collierville started its budget process last December. The $2-million deficit is due to sagging sales tax revenues at places like Carriage Crossing, and the phasing out of the Hall Income tax, which Mayor Joyner says represented roughly $1.5-million.
Nearly 500 Collierville employees will not get a raise in the 2018-2019 budget that starts July 1. Mayor Joyner told Local 24 News he understands no one likes tax increases, but in this case, it had to be done.
“It hits everybody. It’s something we don’t like to do. We don’t take it lightly and again that’s the reason why we’ve worked on it for the past six or seven months,” Joyner said.
If you’d like to know what your new property tax will be, you can go to the tax assessor site and look up your home’s assessed value and multiply that by the tax rate. Collierville officials say the new property tax will likely remain in place for the next 3 to 4 years.