Memphis Mayor Paul Young announced that he would be seeking a property tax increase to account for a $30 million shortfall in the city budget. Young on Tuesday said that due to a decrease in federal funds and an increase in pension payments, a tax hike was necessary in order to “get the results people are asking for.”
“We know that it’s going to take an increase. I going to try to minimize it to the extent that we can and so by next Tuesday, at the budget presentation (to City Council), we will be able to give you (a number),” Young said.
The announcement came during Young’s First 100 Days Speech at Mt. Vernon Baptist Church Tuesday evening. Young added that in order to make strides in increasing public safety, reducing blight and overall bringing the city “forward,” more money is needed.
“We’re going to ask for an increase, but we are going to return the value to you the residents use this increase as an investment into our future,” Young said.
Young said he believed it had been more than eight years since the last property tax hike for the city, and that due to the rising cost of products and services, a hike is needed to “get the budget in alignment.”
“I believe that is the right thing by our city. I firmly believe that this is the only way for us to change our trajectory. We can’t do the same thing and expect a different result,” Young said.
He added that the increase amount has not been finalized but during the Tuesday budget presentation to the Memphis City Council he will bring a finalized number.
Brooke Muckerman covers Shelby County Government for The Commercial Appeal. She can be reached at brooke.muckerman@commercialappeal.com and followed on X, formerly known as Twitter @BrookeMuckerman.
