Calculating Property Taxes in Memphis, TN on SFR

[Mark S.]

I am trying to compare the proforma number from a turnkey provide to the actual amount of property taxes that I will likely be responsible for after purchase.  I've been doing some reading and according to an article I came across, Shelby County, TN calculates county and city taxes based on the ASSESSED value, which is 25% of the APPRAISED value.  Is this correct?

According to the Property Tax Calculator on the Shelby County, TN website:

County Tax Rate: 4.11
City Tax Rate (for Memphis): 3.271481

The purchase price of the turnkey property I'm under contract to buy is $84,000.  So, if I understand correctly, the taxes will be calculated as follows:

$84,000 appraised value x 25% = $21,000 assessed value
County Tax: $21,000 assessed value x 4.11% = $863.10/year
City Tax: $21,000 assessed value x 3.271481% = $687.01/year
Total Taxes = $863.10 + $687.01 = $1,550.11/year or $129.17/month (compared to proforma $95/month)

Is this correct?