Thursday, January 13, 2011

New tax values coming for Mecklenburg

Charlotte Business Journal - by Susan Stabley

Date: Monday, January 3, 2011, 7:32pm EST - Last Modified: Monday, January 3, 2011, 8:43pm EST
Mecklenburg County Tax Assessor Garrett Alexander says as many as 8,000 appeals may be formally heard during the property revaluation process this year.
That’s a fraction of the 40,000 appeals that are expected to be sent to the county.
The county is undertaking the massive task of appraising values on about 360,000 parcels for tax purposes — a process known as revaluation. State law requires new property values to be set at least every eight years. Mecklenburg’s was last completed in 2003.
Alexander pledges the process will be done as “expeditiously” as possible.
The Mecklenburg County Board of Equalization and Review will consider the appeals but is limited in its response because of the volume of appeals expected this year. About 3,600 appeals were brought to the board during the 2003 revaluation process, Alexander says.
Property owners will start to receive notices of the new values by the end of this month. Tax bills based on the new values will be sent out in the fall.
Alexander’s office used 2009 and 2010 sales data for the reval process. Many homeowners will still see an increase in their newer tax values – even though home prices have plummeted in recent years – because current property valuation is based on 2003 assessments.
Charlotte property values have increased across the city since 2003, he says.
The county will consider the effect of foreclosures in neighborhoods where more than 15 percent of the total number of sales were banks sales, he says.
Alexander says his office also has a specialist who weighs the impact of rental properties on values.
Property owners can visit reval.charmeck.org for more information on revaluation appeals.
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