Mecklenburg County Revaluation of Real Property is Headed Your Way, Matthews!

I live in Stallings and just found out that I will receive notice of my home's new assessed value from Union County next week. I decided to see when Matthews might be subjected to revaluation. According to the Char-Meck website, the process is already underway in Mecklenburg County and property owners will receive their new values in 2009.

Most of you probably understand this process. Here is a little refresher course for newcomers and those of you who don't remember how it works.

North Carolina requires that counties revalue property at least once every eight years.In our area, it happens more often than that, usually about once every four years because of our high growth and good appreciation. The purpose is to equalize property taxes for all owners.

Will your property taxes go up after the revaluation? Probably, but not necessarily. Property taxes are calculated by multiplying a property's assessed value by the town and county tax rate that is set each year after the local governments put together their budgets. Typically, in a revaluation year, the tax rate is lowered so that property taxes don't rise too much over the previous year's tax bill. If you live in a home newly constructed within the past couple of years, your assessed value will probably be pretty close to the new valuation. When the tax rate is lowered, your annual property tax bill might even decrease. I've seen it happen. For those of you who have owned your property since the last revaluation in 2003, it is likely that your taxes will increase. Sorry!!!

Can you challenge the revaluation? Yes, you can but your challenge will have to be based on solid research. We real estate agents get very busy at revaluation time providing documentation on property values.