SHELBY COUNTY, Tenn. — If you own property in Shelby County, your taxes could be going up substantially because of rising property values, the county assessor warned Monday.

Assessor Melvin Burgess says recent property sales data suggest a “significant increase” in tax assessments for the average homeowner.

Property reappraisal happens every four years, following state law, and the next one goes into effect in 2025. Taxes are assessed based on appraisals, which are based on sales for similar properties.

Shelby County’s property tax rate is $3.39 per $100 of assessed value this year, as it has been for six years in a row. But owners could still owe more in taxes because of the increased value of their properties.

According to Memphis Area Association of Realtors, the median sales price for all homes sold in metropolitan Memphis in July 2024 was $230,000. That’s a slight decrease from one year earlier, but more than 20% higher than the median sales price of $190,000 in July, 2020.

Burgess’ office says they have some preliminary data, and more concrete numbers will be ready by December.

The Assessor’s Office says it will conduct a series of public meetings to explain the reappraisal
process, analyze the factors propelling the increase in property value, and offer guidance for
managing potential tax ramifications.