ValueAppeal just finished an in depth analysis of the 268,000 residential properties in Shelby County, TN (the greater Memphis area) to determine how many of them are overassessed for property tax purposes.
We used the county’s own property records to ensure we’re using the same data the assessor uses to establish the assessed values that ultimately determine your property tax bill.
Our analysis reveals that approximately 35.6% of properties in the county are overassessed. That means that more than 95,000 local homeowners are paying more than their fair share of property taxes. In fact, the analysis revealed that the average savings for Shelby County homeowners who are overassessed is approximately $539 a year. Moreover, Shelby County won’t perform a new assessment for three more years, so that translates to an average three-year savings of $1,619. Unfortunately, if you’re overassessed in Memphis you’re stuck with it for several years unless you appeal.
In Shelby County, the 2010 deadline for filing a residential property tax appeal is June 30th.
We find the biggest reason homeowners don’t take advantage of the local appeal process is that they are unaware they even have the ability to appeal their property taxes when they believe their homes are being overassesed. Other reasons range from perceptions that the process is confusing or too time consuming to not fully understanding how much money a successful appeal could actually save the homeowner.
If you are one of the seven out of ten homeowners in Shelby County that are NOT overassessed this year, you can sign up for ValueAppeal’s free service called Assessment Monitor which will notify you when your next assessment becomes available.
Its important to know each time your new assessment becomes available because homeowners only have a short amount of time to file an appeal right after the new assessments are released. The free service is designed to empower homeowners to develop a better understanding of their assessment, and also to understand the general appeal process without having to spend too much time researching and learning.
Do you think the assessor's value of your home is appropriate? Have you ever considered filing an appeal?
