(Memphis) If Shelby County Mayor Mark Luttrell gets his way residents will get a once cent property tax cut.
The proposal was made this morning to a County Commission committee.
According to the Shelby County Assessor, the current property tax rate is $4.38 for county residents.
The cut would take the rate down to $4.37 which would save an owner $2.50 per $100,000 of assessed value per year.
If you live in a municipality, their tax is also added onto your rate.