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 – 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 it’s the perfect opportunity for property owners to get the lowdown on what’s 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 year’s 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 home’s value is around $200,000, that number jumps to approximately $1,695, and for a $300,000 home, it’s about $2,542.
The Bigger Picture
Looking ahead, it’s important to note that property reappraisals occur every four years in Shelby County. This means that while we’re nodding along to the idea of a tax increase, we’ll 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 you’re a property owner in Memphis, it’s definitely worth your time to attend the town hall meeting. You’ll have the chance to hear directly from Assessor Burgess, ask questions, and understand how this will affect your wallet. Ensuring you stay informed isn’t just smart; it’s 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. Don’t 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 you’d like to share, don’t hesitate to voice them!
In Conclusion
As we phase into 2025, it’s 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. Let’s keep each other in the loop as we face these adjustments together.
