(Memphis) Homeowners throughout Shelby County will face a property tax rate increase next year. Depending on where you live depends on how much of a rate increase. The amount you will pay in taxes though could go down despite a rate hike.
In North Memphis on Davis Street, Charles Brown’s home value dropped more than 20 percent from last year. Despite the tax hike of $0.32 in the county and $0.29 in the city, he will pay around a $100 less in property taxes next year.
The story is different on Charleswood in Memphis High Pointe Terrace neighborhood.
Stephen Cross bought a home there weeks ago and the homes value went up from last year. He will be paying hundreds more in taxes than what he would’ve paid last year.
“It’s a little bit concerning in the long term, I think it`s a short term fix for the city,” said Cross.
Declining home values were much of the reason behind increased tax rates in Shelby County and it’s municipalities. They also had other large issues, like schools and debt to address.
The average property value is said to be down 4.7 percent countywide. The average is 10 percent when it comes to homes.
“Working in commercial real estate, it makes the city of Memphis less competitive to cities like Desoto county who have a booming industrial market right not,” added Cross.
