Property Taxes Set to Rise in Memphis: What Homeowners Need to Know
Hey there, Memphis! It looks like some changes are on the horizon when it comes to property taxes in our beloved city. Yes, you read that right โ Shelby County property taxes are expected to increase in 2025. The exact amount is still a bit of a mystery, but the County Assessor, Melvin Burgess, will be holding a town hall meeting this Monday to discuss all the important details.
Gathering for Answers
The meeting will take place at the Benjamin Hooks Library at 5 PM, and itโs the perfect opportunity for property owners to get the lowdown on whatโs to come. Assessor Burgess is set to cover the reasoning behind the increase, give estimates on how much more we might be paying, and share what homeowners can expect as we gear up for next yearโs property appraisals.
What Does “Substantial” Mean?
Now, the word “substantial” has been thrown around a lot regarding this tax increase. Currently, Shelby County has a property tax rate of $3.39 per every $100 of assessed value. To put that into perspective, if your home is valued at $100,000, you are currently paying around $847.50 in property taxes. If your homeโs value is around $200,000, that number jumps to approximately $1,695, and for a $300,000 home, itโs about $2,542.
The Bigger Picture
Looking ahead, itโs important to note that property reappraisals occur every four years in Shelby County. This means that while weโre nodding along to the idea of a tax increase, weโll also have to brace ourselves for what our homes might be appraised at next year. Expecting a substantial increase can feel a bit daunting, especially for homeowners who are trying to budget and keep their finances in check.
Be in the Know
So, if youโre a property owner in Memphis, itโs definitely worth your time to attend the town hall meeting. Youโll have the chance to hear directly from Assessor Burgess, ask questions, and understand how this will affect your wallet. Ensuring you stay informed isnโt just smart; itโs critical in these times of change.
Mark Your Calendars
Remember, the meeting is set for this coming Monday at the Benjamin Hooks Library at 5 PM. Donโt miss out on this opportunity! Knowledge is power, and being prepared will help ease the transition into this new tax landscape.
Your Thoughts Matter
After the meeting, it will be interesting to see how our fellow Memphians feel about the potential increases. Changes like these can stir up a lot of opinions and emotions, especially regarding how they impact our community. So, if there are any thoughts or concerns youโd like to share, donโt hesitate to voice them!
In Conclusion
As we phase into 2025, itโs clear that Memphis is moving forward, but that progress comes with growing pains in the form of increased property taxes. Stay tuned, stay informed, and remember that all of us in the community will navigate this together. Letโs keep each other in the loop as we face these adjustments together.
Author: STAFF HERE MEMPHIS WRITER
The MEMPHIS STAFF WRITER represents the experienced team at HEREMemphis.com, your go-to source for actionable local news and information in Memphis, Shelby County, and beyond. Specializing in "news you can use," we cover essential topics like product reviews for personal and business needs, local business directories, politics, real estate trends, neighborhood insights, and state news affecting the areaโwith deep expertise drawn from years of dedicated reporting and strong community input, including local press releases and business updates. We deliver top reporting on high-value events such as Beale Street Music Festival, Elvis Week, and Memphis in May International Festival. Our coverage extends to key organizations like the Greater Memphis Chamber and the Memphis Convention & Visitors Bureau, plus leading businesses in logistics, healthcare, and music that power the local economy such as FedEx, St. Jude Children's Research Hospital, and AutoZone. As part of the broader HERE network, including HEREBristol.com, HEREChattanooga.com, HEREKnoxville.com, and HERENashville.com, we provide comprehensive, credible insights into Tennessee's dynamic landscape.
