Prepare For Major Property Value Hike In 2019
CHARLOTTE, NC — Homeowners could pay a significant amount more in taxes next year if property values skyrocket in Mecklenburg County.
Business owners could have to pay even more than homeowners for commercial property.
In January, the Mecklenburg County Tax Assessor sends out property revaluation notices. That hasn’t happened in eight years. The last reval process was flawed and cost the county millions of dollars.
Linwood Bolles is a South Charlotte homeowner and a veteran real estate agent.
“Well, they want the value to increase on their homes because if they want to sell it it’s going to be great, but we don’t want to pay the taxes, you see?” said Bolles.
Your current home value is based on prices in your neighborhood back in 2011. You’ve been paying taxes on that amount.
Now, Mecklenburg County Tax Assessor Ken Joyner expects home values to increase a median of 40 percent.
He expects commercial space values to go up about 78 percent.
“There are plenty of people out there who are concerned, as they should be,” said Joyner.
If you own a $250,000 home, add 40 percent, that’s $350,000.
At the current tax rate, you’d pay $4,591 in taxes. That’s city and county combined.
However, city and county leaders could lower the tax rate since values are increasing.
“I think that’s very excessive,” said owner of Roseland Floral, Charles Hunter.
Hunter says some businesses can’t absorb that cost.
“I think it something that should’ve been done incrementally over a period of time instead of such an extreme In one lump sum,” said Hunter.
The county will mail your tax notification in mid January.
The tax assessor expects the majority of people to argue their property is overvalued.
You can tell the tax assessor how they overvalued it online or show up in person.
You can go online to meckreval.com, look up your address. You can check the phsyical characteristics listed under your property.
If you see anything has changed in eight years, get ready to fill out the appeal form.
“Really our goal is to get everybody’s value correct,” said Joyner.
You have until My 20 to appeal it.
“I wouldn’t panic,” said Bolles. “I’m tickled to death to be in a place where values are increasing.”
The next reval is scheduled for 2023.