Mecklenburg County commissioners have voted to delay the revaluation of real estate in Charlotte and Mecklenburg County.
Countywide real estate tax values were supposed to be revaluated in early 2009 for the first time since 2003 but that has now been postponed.
Tax value is what the county says your real estate in Charlotte NC is worth and is the basis for calculating annual real estate tax bills in Charlotte and Mecklenburg County.
Since countywide revaluations are less frequent, many times the tax value of a given house in Charlotte NC is different from a Charlotte NC property’s market value. Market value is based on recent comparable sales (ideally from the past 3-6 months) and is much more in depth than the general countywide assessments so tax value many times will be different (lower or higher) than a Charlotte NC home’s real estate market value at any point in time.
Are some current tax values for real estate in Charlotte NC lower than market value? YES
Are some current tax values for real estate in Charlotte NC higher than market value? YES
Are some current tax values for real estate in Charlotte NC about equal to market value? YES
So how could tax values more accurately match market value of real estate in Charlotte NC? Well, the county could adjust tax values each time a property sells to the most recent sales price.
Of course that option probably wouldn’t prove very popular so we have the current process of revaluating real estate in Charlotte NC at lengthy intervals and so will likely continue to have discrepancies between tax and market value for real estate in Charlotte NC.
For at least the next year or so, homeowners in Charlotte NC will pay about the same for their property taxes, until the county decides to go ahead with the next revaluation.
Related Articles: Buying real estate in Charlotte NC
Copyright© 2008 by Diane McDermott, All Rights Reserved, “Real Estate Revaluation Delayed In Charlotte and Mecklenburg County”