November may see options like property tax increase or sales tax increase on the Memphis, Tennessee ballots. The Memphis City Council “…voted 7-5 in its executive session Tuesday to send a proposed ordinance increasing the sales tax rate by half a percentage point to the full council.”
The increase would raise the existing rate of 2.25 percent to 2.75 percent and would be expected to bring in $47 million annually to the city. The current combined rate is 9.25 percent.
The funds are intended for “planning for the future” according to council member Shea Flinn. Flinn indicates that, “If residents vote it down, the other options are increasing the property tax or making cuts.”
The Council feels the sales tax would enable residents to move some of the burden to “…people who do not live in Memphis but come to the city regularly for work, recreation or shopping.” If passed, the funds would not start rolling into Memphis until July 2013.
In a CommercialAppeal.com letter to the editor , one resident had this to say:
If the Memphis City Council wants to get the sales tax increase passed b y the citizens (June 6 article), it would be simple: Add the lower property tax proposal in with the sales tax increase and watch it pass like a dream. – Bill Harper, Cordova
Get Free Tax Rate Tables
