03/14/2005: Property Tax Reappraisal Blues
I received my 2005 Reappraisal Notice from the Shelby County Property Assessor today. I'd heard some stories in the press about people complaining that their appraisal went up 30%. I wish mine had been only 30%. I got hit with a wolloping 68% increase in my home's appraised value, which by my calculations will add $754 to my annual property taxes. That may be offset somewhat by the State mandated rate adjustment that prevents Shelby County from reaping a windfall based on property value increase, but since my appraisal went up way more than the reported median increase of 10-12%, I'm sure to end up paying most of that.
Browsing the appraisal values of some of my neighbor's properties, it looks like I'm not the only one getting slammed. My next door neighbors on either side got hit with a 72% and a 79% increase. Of the other houses in my Midtown neighborhood I looked at, the smallest increase was 50%.
It's enough to make a homeowner long for a Proposition 13.
Brock on 03.14.05 @ 06:00 PM CST