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Cornelius News

Brace yourself: New property valuations come out March 17

March 14. By Dave Vieser. Looking to celebrate St Patricks Day in a special way? How about learning the new value of your property according to the county! March 17 is indeed the day new revaluation notices will be mailed to all owners of property in Mecklenburg County.

What’s it all about?

Revaluation is the process by which Mecklenburg County revalues all property (land and buildings) to its current market value as of an established date, in this case Jan. 1, 2023. The Assessor’s Office monitors market data to accurately determine the value, with staff visits and observations to verify characteristics, compare similar property sales and consider improvements or changes made.

County officials had initially expected to send out the new tax values in January but needed more time for a final review.

Will my taxes increase if my value goes up?

Not necessarily. The amount of taxes paid is determined by two elements: The estimated value of the property and the tax rate. The new estimates—which property owners can appeal—are expected to show significant increases for both residential and commercial property.

With the steep increase in sales prices across the region in recent years, property assessments have increased an average of 51 percent, according to the Mecklenburg County Assessors Office.

But higher property values may or may not lead to higher property taxes—the tax rate is determined separately.

By law, local taxing jurisdictions, such as the town (Cornelius) or the county must publish a revenue neutral rate prior to setting the tax rate as part of the next fiscal year budget. So, in theory, the town and/or county, could reduce the tax rate to compensate for higher property values. Whether that really happens is another story.

Didn’t we just have a reval?

Yes, we did. While state law requires municipalities to conduct revaluations every eight years Mecklenburg is now on a four-year cycle.

Can I appeal?

Yes, as long as you do so by June 9. The county assessor Ken Joyner has established a process by which taxpayers can appeal their revaluation.

More info

Go to www.mecknc.gov and link to the county assessors office, or call 980-314-4226. To find your property online, including assessments and tax history, click here. Just punch in the property owner name or street address.