MEMPHIS, Tenn. — The DeSoto County tax assessor said the state forced them to raise property taxes, a move that is not sitting well with homeowners.
Residents in DeSoto County will soon receive the notice that the appraised value of their property is changing. Pete Zee got his.
“The value went up, but I expected that. Our values were too low. Everybody knew that,” said Zee.
At the Desoto County tax assessor’s office, they are fielding calls from the public since notices were sent out over the last few days.
Jeff Fitch is the tax assessor, but he says the increase isn’t from the county; it’s a state mandate.
“Each year, the state Department of Revenue does an audit, and they look at our prices and what we have everything valued for, and they compare it to the real market value, current market value,” said Fitch.
He says for 10 years or so, Desoto County properties have been assessed far less than market value, intentionally.
“If we had increased every time the property has increased, you know, two, three, 4 or 5% every year, you know, that would have created a tax burden each year,” Fitch said.
But now, a big bump to reach market value could be coming back to bite residents.
“This is by far the most conservative way we could have saved taxpayers’ dollars. By doing it this way and holding off on the reappraisal each year, like some folks think we should have done so the last four years,” Fitch said.
He says the state wants the rate to be 85 to 100% of the market. The Desoto County Assessor chose the lower, to lessen the impact.
He says the county, cities, and school system play a part. Lowering their millage rate could soften the blow for homeowners.
“So each one of those have to take our values and come up with the millage. And they’re all going to adjust them. I feel confident they’re going to adjust them down because there’s such an increase in assessed value. They should lower the millage rate. It won’t have much of an impact on the citizens. That’s our hope,” said Fitch.
But there is something DeSoto County residents can do if they don’t agree with their reappraisal,” said Fitch.
“So they get till the end of the month, to question our value. And we can look at their insurance policies to see what their have their house insured for. But we also look at all comparisons in their neighborhood for like-kind houses so recently,” said Fitch.
You have until July 31st to file an appeal to the Tax Assessor’s Office. The assessor says if the schools, city, and county don’t lower their millage rates, the owner of a $100,000 home in DeSoto County would see a tax increase of $260 a year.
There are exemptions for seniors and veterans.