MEMPHIS, Tenn. (AP) -- The Memphis City Council has rejected the mayor's call for a property tax increase, reducing the tax rate instead.
The Commercial Appeal reported the Council voted to reduce the rate from $3.19 per $100 assessed value to $3.11. Mayor A C Wharton had asked for a 47-cent tax increase.
Council members voted on Tuesday to dip into the city's reserve fund, use money from the sale of the Defense Depot and spend part of a reserve fund created to pay retiree health care costs.
Under the reduction, the annual city property tax for a $150,000 house would drop to $1,166.
Information from: The Commercial Appeal, http://www.commercialappeal.com
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