Free Home Value Report Search For Homes

Expert Tips for Home Buyers & Sellers

Our mission at The Melissa Thompson Team is to be your best resource for real estate advice. Whether you are a buyer, seller, or investor, our team of professionals can answer any questions you might have about real estate. Subscribe to this blog to get the latest news on local market trends and receive expert tips for buying or selling a home.

What Homeowners & Homebuyers Need to Know About Taxes

Today our preferred lender Wendy Thompson is here to discuss tax appraisals, reassessments, and why buyers need to pay attention to appraisals.

Get a FREE Home Value Report

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.

Make sure your lender is using the correct tax assessment.

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!