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VOL. 128 | NO. 24 | Tuesday, February 05, 2013

Seminar to Tackle Reappraisal, Consolidation

By Sarah Baker

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Real estate industry professionals will soon have the opportunity to learn more about two ongoing issues that will affect every homeowner and taxpayer – the 2013 Shelby County reappraisal and the school consolidation.

Real estate information company Chandler Reports will host its 2012 year-end “Master Your Market” seminar Thursday, Feb. 14. The event will be held from 3 p.m. to 4:30 p.m. at the Holiday Inn University of Memphis, 3700 Central Ave.

The presentation will include market trends reports covering residential and commercial sales, foreclosure activity, new housing analysis and trends in lending.

Andy Raines, property tax attorney with Evans & Petree PC, will discuss the 2013 Shelby County tax reappraisal. It’s a topic that Raines finds fascinating, given that its effects are so far-reaching.

“Everybody has to write a check to pay their property taxes, so they’re anxious to know how much of an impact on my finances, on my bottom line, is this reappraisal going to be?” Raines said. “I think people have a concern, rightfully so, that this is going to impact their budget.”

Raines will project what property owners can expect as a result of the reappraisal, as well as provide some basic information about what taxpayers need to be aware of.

“When will values come out, how should they react to them, when do they have to file an appeal, what’s the process for filing an appeal, what do you have to prove when you’re filing an appeal if you’re trying to get a tax reduction,” he said.

For instance, in Memphis, the taxes must be paid by the end of August. Raines said because the values won’t come out until April or May, that tax bill based on the reappraisal will be due within 90 to 120 days after an owner knows the value.

But for Shelby County and the municipalities, the taxes don’t have to be paid until the end of February 2014, so the effect will not hit quite as quick.

Meanwhile, Eric Barnes, publisher of The Daily News and The Memphis News, will provide the latest update on the Shelby County schools consolidation. He said many people are focused on what will happen with the merger and how that will affect the desirability of some neighborhoods.

“The proximity of housing to quality schools is, obviously, a huge issue in real estate,” Barnes said. “There may be some panicked attempts to sell in the suburbs. That could hurt the slow improvements we’ve seen in home sales.”

But regardless of what happens with the school merger, Barnes said charter schools are here to stay and perhaps dramatically multiply over the next few years.

“To date, charters have largely been focused on poor, at-risk kids,” Barnes said. “Because of this – and because the state is using charter schools to take over the failing schools in Memphis – many people assume that the only allowed purpose of charter schools is to help at-risk kids.”

Barnes said over the coming years, there will be more charter schools focused on middle and upper-middle class students.

“In essence, they may well be competitors not just to the top optional programs at schools like Grahamwood and White Station, but also to private schools,” he said.

Attendees will receive an electronic copy of the Chandler Reports presentation along with copies of the most popular trend reports. The cost is $10 for Chandler Reports subscribers, $15 for non-subscribers.

Anyone interested in attending “Master Your Market” can visit www.chandlerreports.com or contact Wendy Greenlaw, Chandler Reports business development manager, at 528-5273 or wendy@chandlerreports.com.

Chandler Reports is a division of The Daily News Publishing Co. Inc.

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RECORD TOTALS DAY WEEK YEAR
PROPERTY SALES 65 366 17,721
MORTGAGES 70 417 23,068
FORECLOSURE NOTICES 15 91 4,519
BUILDING PERMITS 210 932 42,157
BANKRUPTCIES 62 299 16,691
BUSINESS LICENSES 19 80 5,781
UTILITY CONNECTIONS 49 305 25,174
MARRIAGE LICENSES 16 96 5,381

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