It is the drop in property values felt across Shelby County that is one of the main reasons why Germantown homeowners may see their rates increase.
City Administrator Patrick Lawton said property values dropped 4.6 percent this year due to reassessments. The tax would hopefully eliminate a projected deficit and help build up a cash reserve.
Usually the city has been able to roll back the property tax rate as values increased, but not in 2013. They hope the increase will raise $4.7 million.
City departments were told to cut their budgets and were able to squeeze out savings for this year and the next five.
So what does this mean to you if you own a home in Germantown or thinking about buying one? If your home is valued at $250,000 with this proposed increase it will cost you an extra $23 a month or about $278 a year.
Mayor Sharon Goldsworthy and aldermen will begin considering the budget and tax rate by the middle of May.
WHBQ-TV | Fox 13
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