Property Assessor explains reappraisals - WMC Action News 5 - Memphis, Tennessee

Property Assessor explains reappraisals

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

MEMPHIS, TN (WMC-TV) - The Shelby County Assessor of Property is speaking out for the first time since the release some controversial 2009 home reappraisals.

Property Assessor Cheyenne Johnson spoke before the Shelby County Commission Wednesday morning.  With some homeowners upset about their reappraisal values, she explained how she crunched the numbers.

"We followed the guidelines that were given to us by the state," she said.

Johnson said the economic downturn created a seesaw effect. Some homeowners think their values are inflated, some feel they are in line, and other things they are too low.

"In this case, we had sales that varied from neighborhood to neighborhood," Johnson said. "In some neighborhoods, we had high foreclosure rates.  In other neighborhoods, we had high sales rates.  So each location determined what actually occurred in that particular neighborhood."

Many homeowners and real estate brokers questioned if the Property Assessor's Office properly factored foreclosures into the equation. Johnson said foreclosures were factored into the equation through market value.

"You use the market values hoping that they are truly reflecting the foreclosures, meaning that their values are reflecting foreclosure activities in the neighborhoods," Johnson said.

If you have concerns about home values now, Johnson believes next year may be even more challenging.

"If the sales do not continue to increase, and at the pace I've been watching lately sales are not increasing, then when they come in for 2010, it will be difficult to determine what the value actually is," she said.

If you'd like to appeal your reappraisal, Johnson asks you to call their office at 901-379-7333.

Powered by Frankly