Here’s what it could be

Shelby County’s next property tax rate could be set at around $3,399, based on the state-certified reclaimed tax rate of that amount, Shelby County’s chief financial officer said Wednesday, Audrey Tipton, to the Shelby County Commissioners.

Whether it stays there is ultimately up to the decision of the commission, which could vote to raise the rate.

The tax rate for fiscal year 2022, the current year, is set at $3.45, but tax revenue for fiscal year 2023 is expected to increase by approximately $9 million, primarily due to the value taxable and county growth.

The budget for fiscal year 2022 was $809 million, while the county’s budget for fiscal year 2023 is expected to be $815 million, Tipton said.

Although the state-certified tax rate for Shelby County is set at $3.399, the Shelby County Trustee’s Office system can only support a tax rate to two decimal places, which which means the tax rate is likely to be set at $3.39 or $3.40, at the discretion of the Mayor’s administration and, ultimately, the County Commissioners.

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Reducing the tax rate by 0.009 from $3.399 to $3.39 would mean a loss of just over $2.1 million in revenue, County Commissioner Edmund Ford Jr. said, because a dime of the tax rate corresponds to approximately $2.4 million of income.

However, Ford said it would support the $2.39 tax rate because opting for $2.40 would actually be a tax increase over the certified rate.

Katherine Burgess covers county government and religion. She can be reached at [email protected], 901-529-2799 or followed on Twitter @kathsburgess.

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