AN AD IN THE WALL STREET JOURNAL
There was an ad in the Wall Street Journal on Tuesday, December 9th on page D3. The ad featured three houses in Tennessee, Nashville, Memphis and Chattanooga.
The Nashville house had 5 bedrooms, 4 baths, 4413 sq. ft. at a price of $499,900 with taxes of $3952.
The Chattanooga home was the same price with 4 bedrooms, 4 1/2 baths, 5710 sq. ft. at the same price with taxes of $3657.
The Memphis home was the same price with 4 bedrooms, 3 1/2 baths, 4008 sq. ft. with taxes of $7200.
This illustrates the problem we have here in Memphis with high property taxes which continues to drive people out of Memphis to other locations. We need to lower propety taxes if we are to compete with others areas of Tennessee and the Mid South.
posted by watchdog at
1:45 PM
1 Comments:
All property tax increases should be submitted to the voters for approval, since the Memphis property tax is already almost twice the Nashville property tax. According to the 2006 report by the Tennessee Controller, Memphis property tax ratepayers have paid for many years the highest combined property tax rates in Tennessee (with combined Memphis city property taxes and Shelby County property taxes of $7.4732 compared to only $4.6900 for Nashville homeowners). Source: http://www.comptroller1.state.tn.us/PAnew/LR.asp?W=06
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