Shelby County Homeowners Brace For Property Reappraisals – Memphis News Channel 3 WREG-TV

By News Anchor & Reporter Alex Coleman

 

3:41 PM CST, March 3, 2009

 

Memphis, TN., It’s almost a rite of passage for thousands of Shelby County homeowners like Larry Finney. It’s a time when they begin checking their mailboxes for property reappraisal notices.

 

“Anytime you invest money into something you’d like to see it appreciate. That hasn’t been the case for the property around here,” Finney said.

 

Anyone wondering how much their home values have gone up or gone down will have those questions answered when 2009 Reappraisal Notices are mailed out. Cheyenne Johnson is the Shelby County Property Assessor.

 

“They could possibly be considered a shock, but I think it’s a realization of what occurred over the last four years,” Johnson said.

 

Johnson says a slow housing market and a record number of homes in foreclosure will impact property values.

 

“We are going into those different neighborhoods to determine if foreclosures are the main activity as for transfers of property. If that’s taken place then properties will see a reduction and it will affect their values,” Johnson said.

 

In recent years, traditional property sales have decreased and it’s become a buyer’s market. Hank Hogue is the Crye-Leike Realtors Cordova Property Manager.

 

“A lot of that has been affected by the high number of foreclosure sales in all areas of town and those tend to be less expensive and that pulls down our average and median prices,” Hogue said.

 

But as property values possibly go down for some, the assessor’s office says others might see them go up.

 

“But we do have some neighborhoods where foreclosures have not impacted the neighborhood and where sales are sufficient and those individuals may see an increase,” Johnson said.

 

It’s why property owners like Larry Finney brace themselves for whatever the outcome might be.

 

“It’s takes a little longer for folks to sell, but we’re here for a while so that doesn’t bother us,” Finney said.

 

Copyright ? 2009, WREG-TV