MEMPHIS, TN (abc24.com) - The Shelby County Property Assessor mailed out reappraisals Monday. Homeowners will see a drop in property values but an increase in property taxes.
Sean Cartwright and his family moved into their Lakeland home four years ago. He says watching its value decline has been disheartening.
"Me and my wife were just talking today about possibly moving, but that's one thing holding us back," he said.
A week ago, Shelby County Property Assessor Cheyenne Johnson told the county commission real estate values have fallen nearly 5 percent - a first for Shelby County.
According to state law, counties can raise property taxes when property value goes down.
Cartwright says he's ready to move, but until he can get what he feels his home is worth, he's staying.
"I'm not in a race to do it, but if property values were better I would have my home for sale right now, so it is holding me back from doing so. Hopefully in the next couple of years it improves. That's all I'm hoping for."
The Shelby County Assessor's Office says anyone who has questions about their reappraisal notices should contact the office immediately.