Carolinas Real Estate Talk: Property Revaluation in Union County NC
The year 2008 is an important year for property owners in Union County. The year began with a revaluation of every property in the County. Notice of new assessed values were mailed to each property owner, approximately 90,000 of them, in March 2008. The last property revaluation was done in 2004. The county commissioners decided that revaluations would be done every four years although the state doesn't require them more than once every eight years.
Once the assessment notices were received, the appeal process began. Property owners could provide documentation that supported their view that their assessed value was too high.
Median home values and the percent increase since 2004 for the small towns in Union County are shown below.
Indian Trail $161,710 18% increase
Lake Park $170,450 14% increase
Marvin $513,420 36% increase
Monroe $118,375 13% increase
Stallings $148,090 19% increase
Waxhaw $152,150 20% increase
Weddington $350,535 28% increase
Wesley Chapel $280,450 24% increase
Appreciation rates for the small towns can be estimated from these increases. Calculating the town appreciation rates by dividing four years into the median rates yields a 3% to 9% average annual rate of appreciation. Of course, appreciation doesn't happen at an even rate every year but these rates seem in line with historic appreciation rates for the Charlotte NC region. Charlotte's steady and moderate appreciation over the years means that we haven't experienced the highs of some marketplaces across the country but we don't experience the lows either.
What does this increase in property values mean for an individual's 2008 property tax bill? I'll address Union County property taxes in my next post.