Shelby County, TN — Property Tax Underwriting Guide
Tennessee · Cyclical hold until revaluation
What this means for multifamily underwriting
Shelby County (Memphis) is a major mid-South multifamily market. Tax = appraised value x 0.40 x millage. In-city Memphis parcels carry both county and city tax bills.
Transaction type breakdown
Tennessee conducts reappraisals on a 4-year cycle. Between reappraisals, assessed values are held constant. A sale does not trigger an off-cycle reassessment. Commercial property is assessed at 40% of the Assessor's appraised value.
Refinance has no effect on assessed value.
Ownership transfer does not trigger a reassessment; the 4-year cycle governs.
Tax appeal information
37.5 mill applied to 40% of appraised value yields ~1.5% effective rate on market value.
Guide review
County guidance last reviewed: June 15, 2026
Tax-rate scope: Tax-rate scope is not established as parcel-specific; confirm the parcel's taxing-authority stack.
Official sources: Shelby County Assessor
4-year cycle and 40% ratio are statutory and firm for Tennessee; millage is a combined estimate.
Parclio estimates are underwriting guidance, not legal or tax advice. Always verify millage rates, the seller's assessed value, and appeal deadlines with the county assessor or local counsel before relying on these numbers for a credit decision.
Run a tax reset estimate for Shelby County
Use Parclio's estimator to model the post-closing tax bill, NOI impact, DSCR change, and underwriting memo language for your next Shelby County deal.