Mecklenburg County Property Tax Value Skyrockets! What does this mean for you?
Attention homeowners of Mecklenburg County, NC!
Brace yourselves, because changes are coming to your property taxes. If you own property in Mecklenburg County, you may have already received a notice in the mail regarding your new property value. That’s because the county is in the midst of re-evaluating its property taxes this year. Mecklenburg began mailing out notices to over 400,000 home owners on March 17th.
This process has significant implications for homeowners in the area, and it’s important to understand what’s happening, why it’s happening, and what you can do to prepare. In this blog, we’ll dive into the details of Mecklenburg County’s Property tax re-evaluation and provide valuable insights for homeowners who want to stay informed and ahead of the game. So buckle up and let’s get started!
In This Article We’ll Cover:
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Why’s This Happening?
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Lower Value Homes See Highest Tax Value Increase
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How the New Tax Rate Will Be Determined
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City’s & Towns Set Tax Rate
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Do You Have Questions? Here’s where you can get answers!
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How To Appeal Your Revaluation
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Tax Relief Options
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Your Homes TRUE Value
1. Why’s This Happening?
North Carolina law requires all counties to conduct a property revaluation at least every eight years. Mecklenburg County currently conducts revaluation every four years. Don’t be surprised to find some bigger numbers compared to the last time your property was valued in 2019.
The property revaluation is the culmination of more than 2 years of work. The Assessor’s Office monitors market data to accurately determine the market value of all properties. Staff visit and observe properties to verify characteristics, compare similar property sales and consider improvements or changes made. Revaluation captures these changes in value for property tax purposes. Properties are revalued to ensure assessed values are based on the current market and establish equalization for property owners throughout Mecklenburg County.
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2. Lower Value Homes See Highest Tax Value Increase
The median value of real estate in Mecklenburg County is up by about 51% from 2022. That includes a 58% increase for all residential properties and 41% for commercial. People with homes priced on the lower end of the spectrum should expect to see the biggest increases to their tax bills. That’s because less expensive homes jumped the most in value over the past four years. Neighborhoods to the north and west of uptown are expected to see some of the highest property value gains.
But higher values don’t necessarily mean your property tax bill will go up. Local governments will set tax rates this year, at which point property tax bills will be sent out. You don’t need to wait on your letter in the mail to check your updated tax value, Click Here to view your updated value.
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3. How The New Tax Rate Will be Determined
The tax rates set by local governments could be lowered in favor of a revenue- neutral rate (the rate needed to bring in the same amount of money as the previous years budget). By law, local governments are required to publish the revenue-neutral rate, but can choose to set it higher or lower.
Mecklenburg County commissioners will consider the new property values when setting the new rate. After making the new revenue neutral rate public, the commissioners will determine what rate must be set to bring in enough revenue to pay for public services without overly burdening residents. Commissioner Leigh Altman said she considers three things hone setting the rate:
1. Fairness
2. Those already tax burdened
3. Quality infrastructure and services
That rate applied to property owners’ new value will determine the amount owed on tax bills this year. Overall, property owners shouldn’t be surprised to see an increase in their tax bill.
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4. City & Towns Set Tax Rates
If you live in the city of Charlotte or a town in Mecklenburg County, those boards will set a municipal tax rate, too.
Things like inflation, recession fears and needs for city and county services and infrastructure will impact leaders’ decisions when setting the tax base.
City Councilman Ed Driggs said inflation also has resulted in inflated incomes. Both the city and county gave their employees pay raises in last year’s budget. Social Security fixed incomes increased by 8.7% to adjust for the cost of living in 2023.
“People have more capacity to pay property taxes as well,” Driggs said.
5. Do you have Questions? Here’s Where You Can Get Answers
Staff from the Assessor’s Office are ready to answer questions and assist all property owners. Owners can call 980-314-4226 or email AssessorQuestions@meckNC.gov
In addition, the Assessor’s Office has scheduled two Property Tax Resource Fairs, to speak with residents about their new values and options for property tax relief for eligible owners.
- Saturday, April 1
9 a.m. – 11 a.m.
Valerie C. Woodard Conference Center, 3205 Freedom Drive, Entrance D, Charlotte, NC 28208 - Saturday, April 15
9 a.m. – 11 a.m.
Eastway Regional Recreation Center, 3150 Eastway Park Drive, Charlotte, NC 28213
Selling A House Shouldn’t be Stressful
There is a pro-active way to sell your home that gets results
6. How to Appeal Your Revaluation
Property owners who believe the new assessed value doesn’t align with what it could sell for have two options: an informal review and a formal appeal. An informal review allows the owner and assessor to review the revaluation notice together and correct errors without an appeal. However, a formal appeal is sent for review by the Board of Equalization and Review (BER), a citizen volunteer board that listens to the appeals.
If you are a property owner and you would like to appeal the new assessed value, you can do this on the same page where you locate your new property revaluation.
Overall, Mecklenburg County’s property tax re-evaluation is a necessary process that helps ensure that homeowners are paying a fair amount in property taxes based on the value of their property. By understanding the process and taking proactive steps, homeowners can be better prepared for any potential changes to their property tax bill.
7. Tax Relief Options
As a result of the revaluation, some property owners in Mecklenburg County may experience an increase in their property taxes. The county government has taken steps to make this process as transparent as possible, providing property owners with information on how their assessments were calculated and offering opportunities for appeals.
However, for those who may experience an increase in their property taxes, the county has also introduced several tax relief options to help alleviate the financial burden. These include property tax exemptions for seniors, the disabled, and veterans, as well as programs that provide assistance to those who are struggling to pay their property taxes. Please Click Here for a complete list of the different tax relief options available.
8. What’s Your Homes TRUE Value?
If you’re curious on what your home’s TRUE value is? Want to know how much it could be worth on the market? Sign up for a free home evaluation today! Our expert team will provide you with an accurate and comprehensive report, giving you insight into the current market and helping you make informed decisions about your property. Sign up now and take the first step towards unlocking the TRUE potential of your home!
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