Shelby County, TN appeal results are in.
When the new Shelby County assessment notices were sent out earlier this year, ValueAppeal determined that around 35% of homeowners in the County were overassessed and paying more than their fair share in property taxes. Almost all appeal hearings have now taken place, and those homeowners who used ValueAppeal’s service won their appeals at an overwhelming 85% success rate.
Many homeowners, anxious to save some money on their property taxes during this recession and downward trending housing market, came to ValueAppeal for the evidence needed for a successful case. While we were able to help numerous homeowners in their attempt to pay only their fair share in property tax, we also had to turn away approximately 65% of homeowners whose homes Shelby County had assessed correctly and therefore did not qualify to use our service. In doing so, we made sure the County didn’t receive as many frivolous appeals as they normally might, helping them get to those valid cases more quickly.
Those appeals from ValueAppeal customers that were successful, saw an average of a 12% reduction on their assessed value, with some as high as 29%. Those homes saw a total reduction in market value of $3,586,300. A total tax savings of approximately $150,000 over the period of 3 years, an average of almost $1,800 in taxes saved per household.
Shelby County is on a multi-year assessment cycle, so the assessed value established as of the lien date does not always reflect the changes the housing market goes through. Shelby County and the Board of Equalization have stepped up to the plate and correctly lowered the taxable values of those appealing to a more equitable assessment.
Shelby County allows homeowners to submit appeals each year for 60 days in May and June. Type in your address at www.valueappeal.com to see if you have been assessed fairly.
