Lakeland property values declined in 2013-14

The Lakeland city board heard an overview of the city’s 2014 property assessment at the Jan. 8 work session. Cheyenne Johnson, Shelby County property assessor, spoke briefly to the board, and her chief administrator, Patrick Lafferty, presented the 2014 data.

See the property assessor’s full report for Lakeland online (PDF).

Highlights

• Lakeland property, like Shelby County and most of its municipalities, declined in value in 2013 and 2014. Bartlett and Millington would also have shown declines if they had not had annexations, he said.
• In 2013, Lakeland had the greatest decline (6.63 percent) among Shelby County and its municipalities because of the city’s ignificant reliance on residential property. He said 89 percent of the city’s value comes from residential property. The closest peer is Arlington at 88 percent.
• Lakeland’s 2014 decline was much less at 0.27 percent. Lafferty explained that reappraisal values remain constant between reappraisal periods except for new construction, changes in land size, or appeals. Comparing 2013 to 2014, there were significant appeals, and those appeal decreases were rolled into 2014 numbers. Lafferty said the 2015 period’s results will be certified in April, and he predicted that Lakeland will see positive values then.
• Lakeland saw a spike in appeals in 2013 (a reappraisal year), but the number dropped by 53 percent to 138 in 2014, and Lafferty said he expects that trend to continue.
• Lakeland has the third highest median value for single family residences in Shelby County, following Germantown and Collierville.
• The city’s median square footage in the 2014 assessment was fairly large at 2,725 square feet, and the median appraisal was $224,500.
• Of Lakeland’s 97 commercial and industrial properties, 21 are parcels of more than $1 million. Lafferty said the new $4 million L.A. Fitness is expected to make the top five for 2015. The top five appraised values for 2014 were:
• Champion Hills Apartments, $21,787,800
• Shop Center at U.S. 64 and Fletcher Trace, $3,650,000
• The Corner Shops at Canada Road, $3,630,100
• A 13-acre tract of vacant land on U.S. 64 near Canada Road, , $2,555,400
• Walgreen’s at 2960 Canada Road, $2,323,100