For those of you who own property in Mecklenburg County, you've heard by now that all property values were reevaluated in 2018. It's the first broad reevaluation the County has done since 2011. As we all hope when it comes to real estate, property values have gone up (in most cases) and the records were updated to show that.
I have received a number of questions about the new values and what its going to do to your property tax bill this year. There is a great deal of assumption and misinformation going around on social media about how property tax bills are going to skyrocket this year, post reevaluation.
It's important to remember that each year's tax rates are chosen during the year and property tax bills are generated in August. **Your tax bill will not necessarily go up in direct proportion to your new valuation. The County and towns have not yet decided what this year's tax rate will be. There is a lot of talk right now about adjustments to make it "revenue neutral." That means to lower the overall tax rate to take into account the higher values.
(Disclosure: I'm writing all this in hope and faith, that our County and towns are not unrealistic and will offset the majority of the increases through a lower tax rate, however I am not privy to any discussions beyond public information.)
What you can and should do now:
1) Check the accuracy of the property information. Is the information about number of bedrooms, bathrooms, square footage, lot size and any major improvements correct? You can look up your new property information here: https://property.spatialest.com/nc/mecklenburg/#/
2)Review the value. Is the new amount in line with what you might want to sell it for? Does it sound correct given the recent sale prices of comparable homes? We are happy to help you with this for free! Just reach out!
3) Call/email your city and county representatives and ask what they are doing to help offset the new values and tax bills going forward.
Did they get something wrong? This is the time to fix it! Do not wait to file an appeal!
Start here to learn more about the process: https://www.mecknc.gov/AssessorsOffice/Pages/Modria-Information.aspx
Link to file an appeal (make sure the tab for real estate is clicked): https://www.mecknc.gov/AssessorsOffice/Pages/Appeals.aspx
If you need additional help with area comparable properties, we are happy to help!
If you need more specific information about your situation call the County Assessors office directly at (980) 314-4226.
Please reach out to our team if we can help answer any more information.