Mecklenburg County tax revaluations average 51% increase

CHARLOTTE, N.C. (WBTV) - Every four years Mecklenburg County homeowners receive a revaluation to determine the tax value of their property. This year is one of those years and on March 17 property owners can see their new tax assessments --- and data shows property values are rising.

“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,” according to a press release from the county.

As more people move to the county and region as a whole properties become more scarce meaning property values rise.

“With increases in sales prices across the region in recent years, property assessments have increased an average of 51% in Mecklenburg County,” according to the county.

Increased property values can be a good thing for property owners as it can mean more equity, but that means taxes could increase --- depending on the tax rate the county sets following revaluations.

There are remedies for people who see large property value increases and therefore increasing taxes if they don’t believe the assessment is accurate.

According to the county, “If a property owner believes the new assessed value is not what they could sell the property for, options are included on the notice.

• Informal Review: Allows a property owner and assessor to review the notification together and correct any errors without having to file a Formal Appeal.
• Formal Appeal: An appeal is reviewed by the Board of Equalization and Review (BER), a board of citizen volunteers that hears appeals on assessed values.”

Tax bills aren’t ready just yet but property owners can expect to see them later this year after the county sets the tax rate.

“Following the assessment of properties, tax rates are set by City, County, and Town elected officials every spring and applied to a property’s value. The tax bill is calculated and mailed every summer to all property owners in Mecklenburg County,” according to the press release.

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