Flyer Flashback 

To mark the Flyer's 20th anniversary, we're looking back at stories from our first two decades.

click to enlarge flashback1-1.jpg

Last week, many Memphians found property tax bills in their mailboxes, and if anyone hoped the new appraisals wouldn't really affect how much they owed, they were sadly mistaken.

But there's nothing new, as they say, about death and taxes. And in our July 15, 1993, issue John Branston reported on the impact of that year's appraisals on commercial properties.

"Now the big boys get theirs," he wrote. "Owners of several department stores, malls, and apartments got increases of 50 percent or more over their 1991 appraisals." For example, the Shelby County Assessor's Office appraised the JCPenney store in Raleigh Springs Mall at $6.9 million; the old value was $2.9 million.

Even so, Branston pointed out that sometimes those numbers didn't "stick" since owners of high-profile commercial properties were usually successful at getting their appraisals lowered. "Nearly all owners of parcels worth $1 million or more appeal to the Board of Equalization or try to negotiate a lower figure with the assessor. Big reductions ... have been well-publicized and criticized."

Looking back on it, perhaps the assessor was just trying to get the money while he could. In 1993, here's what our malls were worth:

• Mall of Memphis: $60.7 million

• Hickory Ridge Mall: $52.6 million

• Oak Court Mall: $36.1 million

• Raleigh Springs Mall: $30.8 million

Only Oak Court is thriving 16 years later (currently appraised at $49.8 million). Raleigh Springs, struggling without JCPenney or other major stores, is now appraised at just $2.2 million. The other two? Gone.

Comments

Subscribe to this thread:

Add a comment

ADVERTISEMENT
ADVERTISEMENT

Blogs

Beyond the Arc

Grizzlies 107, Kings 91: Game Notes

Intermission Impossible

Hitchcock, Cock Rock, and Bayard Rustin Live on Stage

Tiger Blue

Tigers 70, Houston 67 (OT)

News Blog

Sierra Club Protests Trump's EPA Choice

Film/TV/Etc. Blog

Memphis Comedy Bad, Bad Men Premieres on Amazon Video

Hungry Memphis

Cafe Brooks Debuts, etc.

News Blog

Redbirds Rebrand

News Blog

Memphis Pets of the Week (Jan. 19-25)

ADVERTISEMENT

More by Michael Finger

  • Memphis' "Summer of Fear"

    Thirty-seven years ago this week, Memphis became a city in fear. In the late summer of 1969, a cold-blooded killer stalked the streets, and over a period of 28 days, police made one grisly discovery after another. In the end, the slayer was captured after a wild chase by a posse of ordinary citizens. After his arrest, George Howard Putt told reporters, “I’d do it all again.” The murder spree began on the afternoon of August 14, 1969 ...
    • Mar 16, 2016
  • Mr. Bingle to Appear at Potters Guild Show

    • Nov 20, 2014
  • Book Notes

    • Oct 20, 2011
  • More »
ADVERTISEMENT
© 1996-2017

Contemporary Media
460 Tennessee Street, 2nd Floor | Memphis, TN 38103
Visit our other sites: Memphis Magazine | Memphis Parent | Inside Memphis Business
Powered by Foundation