New round of property appraisals met with mixed reactions - WMC Action News 5 - Memphis, Tennessee

New round of property appraisals met with mixed reactions

By Kontji Anthony - bio | email | Follow us on Twitter

The Shelby County Tax Assessor's office has released a new round of appraisals to mixed reaction.
The Hendry family of Midtown says they're pleased with their property reappraisal of $284,000. Their home's value increased by about $10,000.

Midtown and Downtown reappraisal values are a mixture of small increases and decreases.

But suburban Shelby County and East Memphis are seeing double-digit increases.

"Their first thought is 'there's no way I could sell my house for this amount, so why is my appraisal so high?'" said Brandon Kamm, Co-Owner of Revid Realty.

He says reappraisals also impact renters. "Any time their expenses go up, they're immediately going to pass it on to the renters. So, I think it's a very fair statement that we can expect to see some rents going up all across the city, if some of the appraisals are going up as well."
The assessor's office says market values underwent contrasting trends during this recession, which explains why some neighborhoods saw property decreases while others experienced increases.

But Kamm says foreclosed homes were not factored into this round of assessments. "Foreclosures are driving the sales price of a lot of properties, and if we're trying to get an appraisal and get a true value of a piece of property, then we need to take in all the factors that are going to affect that number."

He says he expects the assessor's office to be flooded with appeals.

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