Memphis, TN - Tax Assessment Notice

[Mark S.]

Got a tax assessment notice in the mail today. Basically says it’s not a tax bill but that assessments are done every four years. There is a way to do an informal appeal and then an actual appeal. I don’t know that I want to appeal anything, but I’m not thrilled about the estimated tax increase. I believe the assessment amount is going from like $4,800 to $18,000 or so. Major rehab and improvement to the property (turnkey SFR) over the last year, but seems a bit much. On a positive note, though, the appraised value of the property is about $10,000 less than what I paid for it. Anyone have any thoughts about this?

[Elizabeth Wilson]

@Mark S. - Yep we got ours too (for primary residence).  I did an informal appeal last year.  Got it reduced about 10k.  But in our case we just bought it last year for cash and the sale price was lower than the previous appraisal so no problem asking for it to be reconsidered.  

On your hand though if it is already 10k less than sale price, I probably wouldn't bother with an informal review because they could actually raise it!  (or at least I heard that was an option)