Charlotte homeowners have been bracing for big increases in the tax value of their properties since our last revaluation was done during The Great Recession. So, as you can imagine, the revaluation of real property is going to be considerably more than the ‘normal’ increases since we went from them being performed during the lowest of lows to now, the highest of highs. 

Sales prices have continued to be on the rise, therefore our valuations are going to reflect that. Charlotte’s real estate market has boomed out of The Great Recession with some 70 new residents moving here each and every day.

Mecklenburg County’s property website has been slowed to a crawl as tens of thousands of residents close one eye to take a peek at their new assessed tax values. Thousands have lined up to file their appeal of the county’s valuation decision.

Why now?

Mecklenburg County reassesses property values every eight years, as does all of North Carolina. Because property taxes are a primary source for our local government, this scheduled re-calculation is a must to keep the County operating at its highest capacity. 

Property taxes pay for things like public schools, community colleges, libraries, local government employees’ salaries, parks & rec, sanitation, sewer, police and fire protection, roads and other local needs. Each of these items can have its own percentage rate that is multiplied by the assessed value of your property to determine a portion of your bill. The taxes you owe for each item are totaled to determine your final property tax bill.

The Country has systematically put a price tag on every property within its borders. This value is used to calculate property tax paid to the city and county government. The property tax rate, also called a multiplier or mill rate, is a percentage by which the assessed value of your property is multiplied to determine your new tax bill. Homeowners in the city of Charlotte pay $1.31 for every $100 of assessed value — or about $5,240 for a $400,000 home.

You will receive your new valuation this month in the mail; there is no need to pay your 2019 bill at this time. Actual tax bills will go out beginning July 19, 2019. Your taxes will be due on September 1, 2019, and to avoid penalties or interest, must be paid by January 7, 2020.

The county tax assessor’s office prepared the Board of Commissioners that residential property increases would average more than 40%. I’ve spoken to many clients this week, all of whom are reporting a 33% increase in residential taxes. The new commercial tax valuations are the ones that are significant with many being 100% or higher.

Check your property tax value

If you haven’t checked the site yet or don’t know where to go to check the value of your property, visit the Mecklenburg County’s property records website and enter your address.

This will take you to a page that has the details of your home and a breakdown of the valuation (land, building, extras). The new value is in the top right hand corner. Note the hot link on the right hand side (red arrow under Assessment Details) will take you to the letter that the County is sending. 

This information is valuable if you need to appeal or have the county correct any misinformation you find. Contained within the letter, you will receive an “Informal Review Form” and that MUST be completed within 30 days of receipt of your new valuation. 

If you opt to appeal the valuation formally, you may file a Formal Appeal with the Board of Equalization and Review (BER) by May 20, 2019.

The new valuations (Notice of 2019 Real Estate Assessed Value letter) were mailed Wednesday, so they should start hitting our mailboxes today.

Next Steps

Contact the County Assessor’s Office at AssessorQuestions@MeckNC.gov or call (980) 314-4226 if you have questions regarding the new assessment. And, of course, I am not a CPA or tax attorney so, if you have further questions, please contact your financial planner, tax attorney or CPA.

© Debe Maxwell | The Maxwell House Group | RE/MAX Executive | CharlotteBroker@icloud.com | What You Need to Know about the 2019 Mecklenburg County Tax Revaluation