Town And City Leaders To Receive Property Revaluation Updates

Davidson NC

05 April, 2022

8:42 AM

Description

Press release from the Mecklenburg County Government: 3/30/2022 Description1 Throughout April and May, the Mecklenburg County Assessor's Office will present an update on the 2023 property revaluation at a series of public meetings. Staff from the Assessor's Office will update town and city leaders at their regular meetings, all of which are open to the public. Monday, April 4 at 6 p.m.: Cornelius Board of Commissioners Tuesday, April 12 at 6:30 p.m.: Pineville Town Council Thursday, April 14 at 7 p.m.: Mint Hill Board of Commissioners Monday, April 18 at 6 p.m.: Huntersville Board of Commissioners Monday, April 25 at 7 p.m.: Matthews Board of Commissioners Tuesday, April 26 at 6 p.m.: Davidson Board of Commissioners Monday, May 9 at 5 p.m.: Charlotte City Council WHAT: Charlotte-Mecklenburg is among the strongest housing markets in the nation, with property values changing dramatically in recent years to reflect that popularity. Revaluation is the process where Mecklenburg County revalues all property (land and buildings) to its current market value as of an established date, in this case January 1, 2023. WHY: Property taxes are based on the market value of the property. Without periodic revaluation, some property owners would pay more than their share of property tax while others would pay less than their share. Revaluation resets property tax values so all taxpayers pay their fair share. North Carolina law requires all counties to conduct a property revaluation at least every eight years. Mecklenburg County currently conducts revaluation every four years. HOW: The Assessor's Office monitors market data to accurately determine the market value of all properties. Staff visit and observe all properties to verify characteristics, compare similar property sales and consider improvements or changes. The Assessor's Office has already completed an initial review of more than 85% of all parcels in Mecklenburg County. WHEN: Property owners will be notified of their new assessed value in late January 2023 and will have an opportunity to appeal in the following months. In late spring, the Mecklenburg Board of County Commissioners and the municipal boards will determine their tax rates. Depending on the tax rates, a property owner's tax bill may go up, may go down, or remain the same. LEARN MORE: Visit reval.MeckNC.gov. Throughout April and May, the Mecklenburg County Assessor's Office will present an update on the 2023 property revaluation at a series of public meetings. Staff from the Assessor's Office will update town and city leaders at their regular meetings, all of which are open to the public. Monday, April 4 at 6 p.m.: Cornelius Board of Commissioners Cornelius Board of Commissioners Tuesday, April 12 at 6:30 p.m.: Pineville Town Council Pineville Town Council Thursday, April 14 at 7 p.m.: Mint Hill Board of Commissioners Mint Hill Board of Commissioners Monday, April 18 at 6 p.m.: Huntersville Board of Commissioners Huntersville Board of Commissioners Monday, April 25 at 7 p.m.: Matthews Board of Commissioners Matthews Board of Commissioners Tuesday, April 26 at 6 p.m.: Davidson Board of Commissioners Davidson Board of Commissioners Monday, May 9 at 5 p.m.: Charlotte City Council Charlotte City Council WHAT: Charlotte-Mecklenburg is among the strongest housing markets in the nation, with property values changing dramatically in recent years to reflect that popularity. Revaluation is the process where Mecklenburg County revalues all property (land and buildings) to its current market value as of an established date, in this case January 1, 2023. WHY: Property taxes are based on the market value of the property. Without periodic revaluation, some property owners would pay more than their share of property tax while others would pay less than their share. Revaluation resets property tax values so all taxpayers pay their fair share. North Carolina law requires all counties to conduct a property revaluation at least every eight years. Mecklenburg County currently conducts revaluation every four years. HOW: The Assessor's Office monitors market data to accurately determine the market value of all properties. Staff visit and observe all properties to verify characteristics, compare similar property sales and consider improvements or changes. The Assessor's Office has already completed an initial review of more than 85% of all parcels in Mecklenburg County. WHEN: Property owners will be notified of their new assessed value in late January 2023 and will have an opportunity to appeal in the following months. In late spring, the Mecklenburg Board of County Commissioners and the municipal boards will determine their tax rates. Depending on the tax rates, a property owner's tax bill may go up, may go down, or remain the same. LEARN MORE: Visit reval.MeckNC.gov. This press release was produced by the Mecklenburg County Government. The views expressed here are the author's own.