Mecklenburg County has shortened the intervals between its property tax reassessment and property will now be reassessed every four years. It used to be every eight years. The next assessment under the new plan will be in January of 2023. There were 368,000 parcels assessed in July of 2019, with a 43% increase in residential property value and a 77% increase in the value of commercial property. The appeals process was also changed, with expanded and clearer options. Most of this has been done under a new assessor, after the previous one resigned among revaluation difficulties and complaints. This comes on the heels of major increases in value across the county this year.
Mecklenburg County has shortened the intervals between revaluations of property, and property will now be reassessed every four years
That resignation led to approximately $100 million in reimbursement to property owners for disputed valuations and took place in 2011. The appraisals that have been completed in 2019 seemed to sit well with residents and businesses so far, and the easier appeals process means that any future concerns with valuation will be handled more efficiently. The shortening of the revaluation cycle to four years should help keep valuation increases more stable, and keep residential and commercial owners from seeing large jumps in their property tax valuations.
The next property tax reassessment under the new plan will be in January of 2023
The plan to shorten the Mecklenburg county property tax cycle has been in place for six years, and has taken some time to work through. The current (2019) rate for taxes is 61.69 cents, which is lower than the 2018 tax rate. The budget for Mecklenburg also increased by nearly 10 percent, and the city government decided on a revenue-neutral tax rate of 34.81 cents per $100, which was lower than the previous 48.87 cents. However, the surge in valuation caused many residents and businesses to pay higher taxes, overall. Despite the higher taxes, there were far fewer complaints from property owners about the way their valuations were handled.
There have been some who have said that the past assessor was criticized unfairly, but there are others who feel that the complaints and problems were justified. Either way, the resignation of that assessor and the work by the new one has led to fewer complaints and problems with the revaluation process, and a strong property tax revenue for a city and county that needed it. With good budgets and the ability to collect fair levels of property tax, Mecklenburg County’s shortened reassessment time for property taxes should benefit everyone involved. Our firm can help if you’re interested.