Mecklenburg County Property Tax Revaluation: Tax Relief Options

Mecklenburg County Property Tax Revaluation: Tax Relief Options

by | Apr 4, 2023 | Home Ownership Education, Uncategorized

Recently, Mecklenburg County announced its property tax revaluation, a process that occurs every eight years to ensure that property values are up-to-date and fair. The revaluation process, which began in 2021, determines the assessed value of every property in the county based on a variety of factors, including recent sales, property improvements, and other market trends.

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.

 

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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 see below for a list of the different tax relief options:

 

Mecklenburg County Property Tax Relief Resource

Elderly and disabled residents can receive up to $25,000 or 50%, whichever is greater, off their taxes. Those interested can apply between January and June each year by calling 980-314-4226.

Elderly and disabled tax relief requirements include:

  • The applicant’s name must be on the deed or title to the property.
  • The property must be the applicant’s primary residence.
  • The applicant must live in North Carolina.
  • The applicant must be at least 65 or have a disability that “substantially hinders a person from obtaining gainful employment.”

  • If claiming a disability, the applicant must provide proof of the disability from a North Carolina physician or a government agency.

  • The applicant’s household income must be below $31,900, based on 2021 income. The Mecklenburg Board of County Commissioners is working to make this income restriction higher so more people can qualify, Joyner said.

Disabled veterans in North Carolina can receive up to $45,000 off their property taxes. Those interested in applying must fill out a form on milvets.nc.gov.

Disabled Veterans Homestead Exemption requirements include:

  • The deed or title must be in the applicant’s name as of Jan. 1.
  • The applicant must live in North Carolina

  • The applicant must be a disabled, honorably discharged veteran or receive benefits for specially adapted housing under 38 U.S. Code 2101.

 

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The Helping Out Mecklenburg County homeowners with Economic Support (HOMES) program helps low to moderate-income homeowners get up to $340 off their property tax bill. Those interested can apply at mecknc.gov/4Homes.

HOMES program requirements include:

  • The applicant’s name must be on the deed, title or on a life estate of the property. A life estate is a legal way to pass the ownership rights of your home to another person after death.
  • The property must be in Mecklenburg County.
  • The property must be the applicant’s primary residence at the time of application and consistently for the past three years.
  • The applicant’s household must make less than 80% of Mecklenburg County’s area median income, or less than $67,000 for a family of four according to data from local affordable housing developer DreamKey Partners.

    Certainly, it is vital for property owners to stay updated with the property tax revaluation process in Mecklenburg County. The county’s tax relief options, such as property tax exemptions, assistance programs, and deferral programs, provide crucial support for homeowners who may face financial challenges. By taking advantage of these resources and staying informed about the property tax revaluation process, property owners can make informed decisions about their properties and finances. Overall, this process ensures that property values are fair and transparent, benefiting the community as a whole.

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    South Carolina Real Estate Capital Gains Tax Explained

    South Carolina Real Estate Capital Gains Tax Explained

    by | Nov 18, 2022 | Home Ownership Education

    The reality is that there are many tax implications when purchasing or selling real estate in South Carolina. One area where real estate investors and homeowners can sometimes find themselves afoul is the capital gains tax – a complicated subject matter, which has so far been difficult for most people to understand without professional help from someone who knows what they’re doing! However, don’t worry because we’ve laid out this guide on how you should proceed with your next investment property purchase wisely as well as understanding other potential pitfalls before it’s too late…

    Before we dive in, we always recommend speaking with your accountant, CPA, or legal tax-based professional for a clear understanding of your specific situation.

    Understanding Federal Capital Gains.

    Capital Gains tax usually applies in one of two scenarios federally:

    1. You sell real estate that is NOT considered your personal property.
    2. The sale of your primary residence results in a taxable gain of $250,000+ for single filers or $500,000+ for joint filers.

    Please note, some exclusions may apply. As an example, folks in the military on extended duty may elect to suspend the 5 year deadline for up to 10 years.

    How to calculate a Capital Gain or Capital Loss.

    The three-step process for calculating capital gains is as follows:

    1. Determine your basis. This is the original purchase price plus fees plus improvements.
    2. Determine your realized amount. This is the sales price minus fees (your net).
    3. Determine your Gain or Loss by subtracting your realized amount from your basis.

    Understanding State of South Carolina Capital Gains Tax.

    If you’re looking to sell your home in South Carolina or consider buying an investment property here, it’s important to understand the state’s capital gains tax.

    South Carolina’s long-term Capital Gains Tax Rate is 7% of your gain (see above to calculate this on your own). That being said, 44% of the capital gain is exempt. In other words, you’re actually paying 3.92% of your realized gain to South Carolina. In other words, if you have a gain of $100,000 then you’ll pay $3,920 in real estate capital gains tax (3.92% of $100,000).

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    Can You Avoid or Prevent Capital Gains Tax?

    Yes and no. Section 121 of the tax code for South Carolina allows single filers to exempt the first $250,000 gain from being subject to capital gains tax ($500,000 if you file jointly). But that’s just for primary residences.

    Any sale of real estate other than your primary residence should consider a 1031 Tax-Deferred Exchange. This process allows you to “defer” paying capital gains tax by rolling your taxable gain into another, like-kind property. You can’t “eliminate” capital gains tax, but you can “put if off” by rolling your proceeds into another property.

    This is not nearly as complex a scenario as people might be led to believe, but there are some details you’ll need to be aware of. The key to success is to start with the right team (Realtor, Closing Attorney, and a Qualified Intermediary) to help point you in the right direction.

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