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Certified Tax Rate
Before a county or municipal body can set a property tax rate, the tax assessor is required to certify to that body the total assessed value of taxable property in the county. The county or municipal body must then take that assessment value into account and "certify" or approve the tax rate required to provide sufficient operating revenue for the coming year.
Setting the County Tax Rate
In accordance with the County Budgeting Law of 1957. the Shelby County Board of Commissioners must pass a rate and adopt a budget no later than the third Monday in July. Special provisions allow for the continuation of an operating budget from the previous year should unforeseen delays arise.
Setting Municipal (City) Tax Rates
Most municipal charters contain provisions about financial administration. However, some general laws, such as the Municipal Budget Law of 1982, have been also been enacted. Under the Municipal Budget Law, municipalities must publish their annual operating budgets showing comparisons of the proposed budgets with the actual budgets for the prior year along with the estimated expenditures for the coming year. Publication generally occurs prior to the end of the fiscal year. In the case of the City of Memphis, the budget is adopted and the certified tax rate is set by the City Council by the third week in June.