County home values to decrease with reappraisal - FOX13 News, WHBQ FOX 13

County home values to decrease with reappraisal

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MEMPHIS, Tenn. (FOX13) -

Shelby County Commissioners are preparing to jump hurdles to balance the budget. On top of having to help fund the consolidated school system, the county is facing the first reappraisal decrease in years.

County property values will decrease by approximately 4.63-percent, according to Shelby County Property Assessor Cheyenne Johnson.

"This is probably the first major decline for some municipalities and county for a long time," she says, "We're looking at sales activity that was out there in '10, '11 and '12, and sales are definitely down."

This devaluation of property means less revenue for the county. All while service departments are requesting more money from the county government.

"We know the property values are down and we know demands for services are up: School system, juvenile court, sheriff's department are all budgetary demands that need to be met," says Shelby County Mayor Mark Luttrell.

The reappraisal rate changes daily, Johnson says, "Because we're constantly going back out to the field looking at property characteristics, we're finding out the neighborhoods can change in a short period of time."

Regardless, Johnson says the rate is stable. The Shelby County Commission has three months left to figure how to handle this in their budget. And the mayor has a simple solution.

Luttrell says, "You handle it the same way that you would handle your personal budget: If you have less money in your personal budget, you make decisions on what you're not going to spend."

Notices about this year's reappraisal will be sent out March 4.

Johnson says some people may see an increase in their property value if the homeowner went through the appeal process last year.

"It could be that the individual came in through the appeal process and got a decrease that we felt was a little slightly too low, and we have not just adjusted his home but the entire neighborhood," she says.

Homeowners with any questions regarding their reappraisal are encouraged to call the Shelby County Property Assessor's office at (901) 222-7001.

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