Today I’m here with Wendy Thompson of the Wendy Thompson Lending Team to talk about your tax appraisal. Unless you live in the downtown area, you should have received your appraisal by now.
If you disagree with your appraisal, you can go to the Shelby County tax assessor site and fill out an informal request for a reassessment. You don’t have to provide a lot of documentation for an informal request, so it is a fairly easy process. That said, there is a short time frame for informal requests. Beginning on May 1st, you can make a formal request. That is a much more involved process.
If you are selling your house and your taxes have gone up, this could impact you. Since taxes are divided between you and your potential buyer at closing, the buyer could come to you and ask for additional taxes since your appraisal went up.
If you are a buyer and you are currently under contract to purchase a home, make sure that your lender is using the correct tax assessment. Unfortunately, in some instances even a slight increase in monthly taxes can make a huge difference between getting approved for a loan or not.
As always, if you have any questions about this topic, just give us a call or send us an email. We would be happy to help you!