COUNTY TAX REVENUE EXCEEDS PREVIOUS YEAR
Property and Sales Tax Revenue Reflects a Growing Economy
MEMPHIS – The Shelby County Trustee released the fourth quarter update on county revenue. The quarterly report reflects economic growth through increased sales tax and property tax revenues. The Trustee’s Office has collected over $796 million in current and delinquent property taxes, which is nearly $18 million over forecast. Sales tax revenue has increased by $12.8 million compared to last year.
“Historically the Trustee’s Office has increased property tax collection rates annually with the growing budget demands, and we have exceeded last year’s rate yet again,” the Trustee said. “This is an important indicator that our local economy is continuing an upward trend in growth. Increased collections show a healthy tax base, and equates to more funding for law enforcement, secondary education and Pre-K.”
Approximately half of all property tax and sales tax revenues are allocated to education.
Revenue reports are updated daily and posted to the Shelby County Trustee’s website. For more information, please see our Revenue Reports on the website.