A group of pastors said earlier today that they opposed a special election to replace the Memphis Mayor Willie Herenton in part because it will cost too much.
Election commission officials said such an election could cost anywhere from $750,000 to $1 million.
But what would that mean for homeowners?
A penny on the city's $3.25 tax rate produces slightly more than $1 million a year, which would more than pay for the election.
Adding a penny to the city's tax rate means a homeowner who lives in a $200,000 home would pay $5 more per year in taxes - from $1,625 to $1,630. Adding only $.75 cents would cost a $200,000 homeowner $3.75 on their annual tax bill - from $1,625 to $1,628.75
So, Memphis taxpayers, is it worth $5 or less to have a chance at selecting a new mayor?
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