Property assessor warns that empty office buildings in Downtown Memphis could cost taxpayers
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MEMPHIS, Tenn. (WMC) – The Shelby County property assessor is sounding the alarm over empty office buildings in Downtown Memphis.
Shelby County Assessor of Property Javier M. Bailey Sr. held a press conference Monday morning outside the Memphis Riverline Hotel to release the “State of the County Tax Base 2021 to 2026″ policy report.
The press conference took place at the hotel’s Main Street Plaza entrance, located at 250 N. Main St.
Report examines tax base conditions
The report examines the current condition of Shelby County’s property tax base, including changes in commercial property values, downtown office vacancies, population trends, employment and economic development.
Downtown office vacancy currently stands at 16.7%, with Class B office space exceeding 17.5%.
Bailey warns that if those spaces remain empty, local government revenue will drop.
“Shelby County needs a clear understanding of the condition of our tax base and the challenges ahead,” Bailey said. “This report provides the data necessary to identify those challenges and begin working toward solutions that support taxpayers and the long-term growth of our community.”
Bailey said the county needs to develop a strategy to either generate more income and revenue or get spending under control.
Otherwise, it could shift a heavier property tax burden directly onto residential homeowners.
“You have to do one or the other,” Bailey said. “This is going in the wrong direction. What’s going on right now is we’re spending, and the cost of government is increasing; however, the revenue is not increasing at the same pace as the spending.”
Summit planned for November
Bailey will also announce plans for a “State of the County Tax Base Summit” in November 2026.
The summit will bring together local government, business, development, utility and community leaders to discuss downtown redevelopment, adaptive reuse, economic investment and strategies to strengthen Shelby County’s future tax base.
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