Property owners will get their new appraisals in early 2009. Appraisals determine how much taxes homeowners and businesses pay. The difference between a house in Memphis appraised at $100,000 and one appraised at $200,000 is $1,822 a year in taxes.
The total value of assessed property in Shelby County, currently $16 billion, is called the tax base. If it shrinks, governments have two choices: cut spending or raise taxes.
Johnson, who took office in August, isn't saying whether the tax base will grow or shrink.
"I'm not ready to call it," Johnson said last week, after saying in an earlier interview that the tax base would probably be stable. The first people to get the news in January, she says, will be mayors Willie Herenton and A C Wharton.