What Does the Mecklenburg Valuation Mean for Me?

Financing

If you own a house in Mecklenburg County, you already know that this year, Mecklenburg performed property revaluations for both residential and commercial properties in the county as part of their tax planning. The results of the revaluations were mailed out earlier in the year and are also available online.

Earlier this month, Mecklenburg County released its proposed 2020 budget, which includes a property tax rate of 61.69 cents per $100. This rate is a decrease from the current rate of 82.32 cents per $100, but taxpayers will actually see a small increase in their property taxes due to those new property valuations that were completed earlier this year. Overall, property values went up 54% since the last valuation in 2011, with residential property values up 43% on average. The neutral tax rate would be 59.7 cents per $100. The proposed rate of 61.69 cents results in an increase of approximately 4% for Mecklenburg County taxpayers.

If you want to find out the annual property taxes for a home that you’re interested in purchasing, you can look up the new property value at the Mecklenburg County website. To get the proposed annual property taxes, simply multiply the property value by the new tax rate of 61.69 cents per $100.

Revaluations are performed on a regular basis in Mecklenburg County as part of their routine tax planning process and this revaluation helped to correct some of the significant value changes that the Charlotte area has experienced since the housing crisis. If you are concerned about accuracy of the value you were given for your home, you can appeal the value. If you need help to determine whether the county’s valuation of your home is accurate, a Realtor might be able to help you. We’d be happy to help you understand the value of your home, whether you’re ready to sell it or not. 

Enjoy the Adventure!

 

Sources:

https://www.charlotteobserver.com/news/politics-government/article224901220.html

https://www.bizjournals.com/charlotte/news/2019/05/02/mecklenburg-countys-proposed-budget-will-mean.html

https://property.spatialest.com/nc/mecklenburg/#/