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23 percent increase expected for vehicle registration fees

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Collierville’s vehicle registration fees are soon expected to go up nearly $10.

The town’s Board of Mayor and Aldermen was scheduled to vote on the fee increase during Tuesday night’s monthly meeting.

Every Collierville resident who owns a car must register the vehicle with the Shelby County Clerk and pays an annual registration fee to the town.

The fee is currently $27 for automobiles and motorcycles. If approved by the board, the fee would be $35 in the future.

The increase was approved without discussion on first reading on May 14.

Other Town News:

• The Board of Mayor and Aldermen was also scheduled to vote to raise the town’s property tax rate by 20 cents on second reading.

Board members approved the rate on first reading on May 14. If passed on third and final reading the rate will be $1.83 per $100 of assessed value.

Two losses in revenue cause the Board of Mayor and Aldermen to begin the 2018-19 budget process looking for ways to make up $2 million dollars in revenue.

One source of revenue decline is from local option sales tax. Revenue from the local option sales tax has been trending flat and recently declining.

The second loss is related to the Tennessee Hall Income Tax. The state is eliminating the tax on earned income from investments, which equates to about $1.5 million dollars annually as revenue for the town’s budget.

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