MEMPHIS, Tenn. — Even during the COVID-19 pandemic, the housing market has been thriving all across Shelby County. but is that good news for every resident and neighborhood?
According to the Memphis Area Association of Realtors, property values and home sales were both up in 2020. That means, despite COVID-19, Shelby County homes and land are more valuable than ever.
“Housing is the most important thing that’s going to revitalize the city and also our neighborhoods,” said Melvin Burgess, Shelby County Assessor. “My motto is, ‘We want to bring the neighbor back in the hood.’”
Shelby County is currently preparing its reappraisal process, which is conducted every four years. It determines the value of every home, property and parcel of land.
“You know, we look at the outside, we look at the structure, we do a tape measure of the square footage,” Burgess said.
Other factors include a garage, swimming pool or amenities that can make a home more valuable. But there’s a cost to owning property with rising value.
After the reappraisal process, taxes will go up for any areas where value is increasing, and sometimes, lower-income neighborhoods can be hurt.
Some areas, like Collierville, hold very high value year after year. Other areas like East Memphis and South Memphis have gone up and down, but overall gained value across the last five years. But other neighborhoods are struggling.
“When you go around and see empty buildings or stuff blighted, believe me, if you’re a homeowner, you’re paying for that,” Burgess said.
According to MAAR data, Hickory Hill and Parkway Village have seen steady declines in value. In some historic, low-income areas where abandoned homes or blighted lots are hurting value, homeowners are paying the difference.
“These old neighborhoods that are in distress, at the end of the day, the taxpayers are going to pay for them,” Burgess said. “They’re empty, the lots are empty.”
The Assessor’s Office and elected officials say they’re fighting to maintain equity and a level-playing field, despite the variance in value across the Mid-South. Part of that is a feasibility study, which should identify areas that would benefit most by new business and partnerships.
“When we have companies that are wanting to come here, they’re going to say oh, the values are looking good in Memphis! It’s a great place to invest in,” said Cassandra Bell-Warren, president of MAAR.
But officials want to make sure that no neighborhood is left behind. As they begin evaluating every area in Shelby County, the Assessor’s Office says elected officials are the best route to making a change and helping a neighborhood show improvement.
“It’s up to you as that neighbor to make contact,” Burgess said. Go down to the county commission meetings or city council meetings and complain about what’s going on in your neighborhood. That’s where the work is done.”