Charlotte NC Homeowners Will Receive New Property Values in January 2011
Charlotte NC Homeowners Will Receive New Property Values in January 2011
Property values and property taxes. These terms will dominate the news in Charlotte NC during the first half of 2011.
Why?
Because Charlotte and the rest of Mecklenburg County are undergoing the first property revaluation process since 2003. By the end of June 2011, every Charlotte NC homeowner will know how much value Mecklenburg County assigns to his property and how much property tax he will pay in 2011.
Revaluation and establishing property taxes is a two-step process.
The first part of the process establishes a current value for every property in Mecklenburg County. This is revaluation, an exercise that has been ongoing during 2010. Mecklenburg County has a team of appraisers who have been been reviewing neighborhoods and grading their quality. They created a schedule of values to determine the cost per square foot for every building type in the county. The appraisers than began comparing the schedule of values with actual recent sales prices in every neighborhood. Declining sales prices over 2010 means that the appraisers have continued to revise their numbers until December.
In late January or early February, every Charlotte NC homeowner will receive a notice of the value of his property as of January 2011. This won’t be a tax bill. A homeowner’s 2011 taxes won’t be known until the local governments set the tax rates in June. Setting the tax rates is the second step of the process.
Will Charlotte NC taxes go up or down in 2011?
It depends. Many homes are still valued above 2003 valuations. The Mecklenburg County appraisers estimate that overall county valuations in 2010 are up 9% over 2003 values. A Charlotte NC homeowner whose new valuation is greater than 9% of his 2003 value will probably see his taxes go up. A homeowner whose value stayed the same or decreased will probably pay less in property taxes.
Learn more about the revaluation process from the Mecklenburg County Revaluation website and by watching the video on the site.
Want to know more about property taxes and living in Charlotte NC? Request a free Charlotte NC relocation package.
Copyright 2010. Carol Fox. Allen Tate Realtors. *Charlotte NC Homeowners Will Receive New Property Values in 2011*