Understanding Your Property Revaluation
If you live in Mecklenburg County and own a home or commercial property, you have probably heard there will be a change to your property tax bill in 2023. The county tax assessor’s office is working on its revaluation process. Revaluation happens every four years and involves property
tax values being reassessed to match the current market value.
Since property taxes are based on a property’s market value, without periodic revaluation, some homeowners would pay more than their share in property tax. Revaluations resets property tax values so all taxpayers pay their fair share.
According to data from the Multiple Listing Service (MLS), from 2021 to 2022, median home sales prices have risen almost $100,000 in Charlotte. Mecklenburg County Tax Assessor, Ken Joyner states that property tax values could rise with sales prices, but it’s still too early to tell how bills will be affected.
Mecklenburg County’s fiscal year 2023 budget kept the property tax rate at 61.69 cents per $100 valuation until July 1, 2023. The city of Charlotte also kept its property tax rate the same for fiscal year 2023 at 34.81 cents per $100 valuation until July 1. So after the revaluation process, the City, County, and Town elected officials will set the new tax rate by July 1. Then, the tax bill is calculated and will be mailed to all property owners in Mecklenburg County.
According to the county, “If a property owner believes the new assessed value is not what they could sell the property for, options are:
- Informal Review: Allows a property owner and assessor to review the notification together and correct any errors without having to file a Formal Appeal.
- Formal Appeal: An appeal is reviewed by the Board of Equalization and Review (BER), a board of citizen volunteers that hears appeals on assessed values.
Reach out to us for help understanding your revaluation or filing an appeal! We are happy to help and guide you to the best thing for your property and finances!
Written by Lauren Cole