That's why the State of Tennessee requires the Shelby County Assessor to conduct reappraisals every four years. Reappraisals allow the Assessor to adjust property values so that every property in Shelby County is appraised at fair market value . The last reappraisal occurred three years ago in 1998. Click here to learn more about the 1998 Reappraisal. Verifies all property transfers as they occur in the market place.
Appraisers verify each sale in order to ensure it is an arm's-length transaction .
These verified sales are recorded in the 2001 sales file to compare to properties of similar size, age, location and description to help establish fair and equitable property values. It provides for adjusting the tax rate to a level that would bring in the same amount of revenue as before reappraisal, excluding new construction. Fair Market Value Fair market value is the price that a willing and informed buyer and seller would agree upon under usual and ordinary circumstances. It is the most probable price a property would bring if exposed to the open market for a reasonable period of time. A sale between two unrelated parties, both seeking to maximize their position from the transaction.