Shelby County Mayor Lee Harris announced a revised FY26 budget proposal, indicating an additional 4-cent cut to the proposed property tax rate, summing up to a 70-cent deduction from the current $3.39 rate. The revised rate of $2.69, as proposed, would mark one of the lowest in the region's history. This development was reported earlier this morning following the Shelby County Mayor’s presentation to the Board of Commissioners.
Already working with a suggested 66-cent rate decrease, the Mayor's office touted the fruits of their labor, having found ways, albeit not detailed in the announcement, to identify additional efficiencies in the city’s finances. According to a recent statement obtained by Shelby County's official website, Mayor Harris stated, "Over the last several weeks, we have worked as hard as possible to identify additional efficiencies and opportunities to trim. Today, that effort has borne fruit, and we will be able to offer up a new proposal that puts a little bit more money in the pocket of every homeowner in Memphis and Shelby County."
Despite the further tax cut, the Mayor's revision promises the maintenance of key priorities. Mayor Harris's budget plans to hold the line, as it not only looks to reduce taxes but also to implement a $40,000 minimum wage for full-time employees, fund new schools, and bridge funding gaps left by federal cuts. This delicate balance aims to cater both to fiscal conservatism and to a commitment to public service and infrastructure - a dexterous act in today's economic reality.
While some may see in fiscal adjustments conducted by the Mayor's administration a pragmatic response to an ongoing call from residents for lower taxes, it also illustrates the challenges met in funding essential services in a tax-averse climate. Harris elaborated on the balance struck by his administration in the revised budget, stating, "Furthermore, though we have identified opportunities to reduce the property tax rate by another 4 cents, we maintained our focus on addressing the highest-priority needs."
