Memphis budge1

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Running head: MEMPHIS BUDGET 1

Memphis Budget

Student’s Name

Institutional Affiliation

MEMPHIS BUDGET 2

Memphis Budget

I. From which taxes does this jurisdiction receive most of its revenue?

Memphis is considered the largest city along the Mississippi River. It is located in Shelby

County, Tennessee. It is home to the majority of the African American population. The proposed

budget for the city in the financial year 2019 is $685.3 million. This does not reflect any tax

increase from the previous period. However, the property tax shows a reduction in certified

taxes. This reduction occurred due to fewer appeal for property taxes in comparisons to what the

financial planners anticipated when setting the original rates. With an indication of an increase of

natural revenues, Memphis is able to undertake careful planning to cater to the needs of its

people and fulfill its priorities.

The local taxes in Memphis form the most significant source of revenues for the city. For

instance, in the financial year 2019, the city anticipates collecting local taxes amounting to over

$620 million. The state taxes follow with the expected amount to be collected, reaching slightly

over $102 million. Among the various sources of local taxes, property tax revenues form the

largest share of revenues from a single source. This tax is levied on the basis of the value of the

property that has been adequately assessed. The various types of property that qualify for this

taxation include real properties. These include land and structures as well as improvements

undertaken on leasehold. Personal properties that include business equipment also form the other

category of property tax. However, inventories held for resale are exempted. Additionally, public

utility property, including real and personal properties, also contributes to property tax revenues.

Alongside other local taxes, the property taxes revenues contribute the largest share of levies

needed for the budget to be operational.

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Running head: MEMPHIS BUDGET 1 Memphis Budget Student’s Name Institutional Affiliation MEMPHIS BUDGET 2 Memphis Budget I. From which taxes does this jurisdiction receive most of its revenue? Memphis is considered the largest city along the Mississippi River. It is located in Shelby County, Tennessee. It is home to the majority of the African American population. The proposed budget for the city in the financial year 2019 is $685.3 million. This does not reflect any tax increase from the previous period. However, the property tax shows a reduction in certified taxes. This reduction occurred due to fewer appeal for property taxes in comparisons to what the financial planners anticipated when setting the original rates. With an indication of an increase of natural revenues, Memphis is able to undertake careful planning to cater to the needs of its people and fulfill its priorities. The local taxes in Memphis form the most significant source of revenues for the city. For instance, in the financial year 2019, the city anticipates collecting local taxes amounting to over $620 million. The state taxes follow with the expected amount to be collected, reaching slightly over $102 m ...
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