Fox13 Memphis
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FOX13 Investigates: Memphis, Shelby County give combined $71M in tax breaks annually to companies
Posted
May 2, 2024
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May 2, 2024
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5:48Now PlayingMemphis Mayor Paul Young is seeking a 28% property tax increase in his first budget proposal.
"The last thing I wanted to do was come in in my first term and my first four months in office and raise taxes," he explained in late April. "But in order to create the value that the community is expecting, we need revenues."
However, many residents are unaware the city is also giving away $30 million a year in tax breaks to some of Memphis' biggest companies. The Shelby County government is giving away $41 million a year. The suburbs are giving away millions more.
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