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Archive for May, 2012

Appealing Your Property Taxes – Easy as 1, 2, 3

May 22nd, 2012 Comments off

Over the years you have probably seen Andy Wise, Chief Consumer Investigator for WMC TV Action 5 News, talking about various products for Shelby County homeowners to appeal their annual property tax appraisal values. If you haven’t seen the segment, you can check it out here: http://bit.ly/lgvGHG

Each year, Memphis and Shelby County homeowners have the opportunity to appeal their property tax appraisal value based on local market conditions and what they feel the fair market value of their home is if they were to sell it compared to what the Assessor has determined as the value.

The Shelby County Assessor’s website makes filing a review of your property value as easy as 1, 2, 3. All you need to do is complete their online form, provide them the data about your property and the value that you feel your home is worth based on 2011 sales comparables of homes that are near yours and closely match your property in year built, square footage and other factors. Click the submit button and your review is on it’s way.

The Assessor will contact you via letter to let you know if they have lowered your appraisal value based on the data that you submitted. The Shelby County Assessor is accepting informal reviews through June 8th. You can access their online form here.

If you disagree with the Assessor’s response you can then file an appeal to the Shelby County Board of Equalization. The deadline to contact the Shelby County Board of Equalization is Friday, June 29th. You can contact them at 901-379-7160. They will mail you the required forms that you will need to complete and submit back to them. Once they review your appeal forms, they will schedule your meeting with the Board where you will present your case, in person, at their offices.

Chandler Reports is happy to review your current property appraisal value and sales comparables before you decide to file an informal review or appeal to the Board. Please contact Wendy Greenlaw at wendy@chandlerreports.com or 901-528-5273 for a free property analysis report.

The following are some great tips and tricks for appealing your 2012 property tax appraisal value!

Keep in mind that you only have 15 minutes to present your case to the Board of Equalization.

Be prepared and make sure you have all of the data that you need with you to prove that your property tax appraisal value should be lower based on 3-4 sales comparables from 2011.

Bank sales, properties foreclosed by the bank and then resold, are not permitted as valid sales comparables!

If your home is surrounded by rundown and/or foreclosed properties that could be affecting your home’s value, take external property photos of your property and those closest to your home to show to the Board.

If you have refinanced your home, or had a formal appraisal conducted on your property in the last 3 years, be sure to request a copy of the appraisal from the Certified Appraiser or the Lender.

If you have not remodeled the inside of your home in the last 15-20 years, take photos of the original kitchen, bathrooms, flooring etc. This will aid in your appeal if most homes in your neighborhood have been upgraded or remodeled and resold at higher values.

Be sure you are not in jeopardy of a tax increase! If your data shows that your property should be at a higher value than the 2011 rate, the Board of Equalization can RAISE the value for your property!

You may purchase our $49 Tax Kit available at www.shelbytaxappeal.com to receive a detailed property profile report for your home, sales comparables for the past 2 years, our Foreclosure Effect Report, access to The Daily News Online’s neighborhood report and more! Check out our free reports on the site as well!

Certified, professional appraisers can provide you a full analysis of your property and assist you with determining the fair market value of your home. Licensed appraisers have the education and experience necessary to give you an independent, impartial and objective opinion of value. You may click here for a list of local Appraisers.

Please contact us if we can assist you in any way! We are here to help!

Shelby County April Home Sales Report

May 10th, 2012 Comments off

Home sales up 2%!

Average sales prices up 14%!  

There were 1,116 home sales recorded in April up 2% from last year. Residential sales are up 14% for the first four months of this year compared to the same period last year. 

Total sales revenue for the month was $137 million up 16% from $118 million in April 2011. 

Average sales prices were up 14% from last year and up 5% from March to $122,572. Year to date average home sales prices are down slightly by 1% while overall sales totals are up 14%. 

50% of zip codes in the county are seeing year over year increases in average sales prices including:

  • 38017-Collierville up 2%
  • 38018-Cordova South up 7%
  • 38103-Downtown up 24%
  • 38111-University up 38%
  • 38118-Oakhaven/Pkwy Village up 10%
  • 38119-Quince/Ridgeway up 24%
  • 38120-River Oaks up 11%
  • 38134-Bartlett up 5% 

Bank sales accounted for 29% of total home sales in April with 328 recorded, down 7% from last year.  

57% of home sales were valued under $100,000. 

There were 3 sales over $1 million compared to zero last April. The high-end home sales closed in 38117, 38119 and 38120. 

Arlington (38002) had the most homes sales with 69 totaling $13.6 million. 

Collierville (38017) had the most revenue with $18.3 million across 66 sales. 

New home sales were up 9% from April 2011 and up 2% from March 2012 with 62 recorded averaging $249,905. Year to date new home sales are up 1% from the same period in 2011 and average new home sales prices are up 9%. New housing continues to see positive momentum with an increase in sales activity and the number of permits filed.  

Foreclosures were up 2% from last April with 393 recorded for the month. The average amount of a foreclosure was down 7% to $87,780 and the average tax appraisal value of a foreclosed home was down 6% to $119,342. 

Foreclosure notices were down 24% from last year with 658 filed compared to 863 in April 2011. Only 5 zip codes saw an increase in foreclosure starts.  

Click here to view our complimentary Residential Market Trend reports.