Monday, December 22, 2008

"Taxpayers pouring out of Shelby County"

The Commercial Appeal used IRS migration data to analyze Shelby County migration and income. They found taxpayers moving out of Shelby County but even more important, they are being replaced with immigrants with lower incomes. Oh, and one fact not mentioned in the article, Memphis has the highest property tax rate in the entire State by a huge margin.

Link

The income drain has been most pronounced within Shelby County. During a 10-year period ending in 2007, the county sustained a net loss of $1.83 billion in incomes among residents moving in and those leaving.

Not only did the number of wage-earners leaving (173,601) outnumber those coming in (155,660), but the average income of the outgoing residents was greater than those arriving -- $46,880, compared with $40,544.

The bleeding, however, hasn't been restricted to Shelby's confines. The entire eight-county Memphis metropolitan area suffered net income losses during eight of the 10 years, with the total deficit for the period exceeding $398 million.