Property values spiral downward - Action News 5 - Memphis, Tennessee

Property values spiral downward

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(WMC-TV) – Reappraisals for Shelby County property owners are in the mail Monday. But they may contain some unpleasant news.

Mark Luttrell, Shelby County Mayor, and others have been warning for weeks that most property appraisals in Shelby County will be down this time around. And that could lead to a tax hike.

At a budget retreat in February, county leaders said we can expect a 4.6 percent drop in property values.

That means the county government has that much less money to stay afloat.

This year, Memphis City Schools is no longer funding the school system.

And the county also has to fund the Juvenile Court Criminal Defense Fund - which is required by the Department of Justice after the Feds found major problems within the system.

Mayor Luttrell says it is a financial dilemma like the county has never seen.

"We need to drastically reduce services, which would include critical services, or increase taxes," said Mayor Luttrell.

"The main thing is to pay attention and call us if they have any questions," said Cheyenne Johnson, Shelby County Assessor.

Johnson says it is important to check those assessments for inaccuracies, like the wrong number of bedrooms, or square footage. If you get them corrected before the April 20 deadline, you won't have to file an appeal.

There are several ways you can contact the assessor's office...we have them all on wmctv dot com..just click on I saw it on Action News 5.

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