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Cornelius News

County tax assessor will update town boards in November, December

Revaluations coming: Brace yourselves

Oct. 31. By Dave Yochum. The County Assessor’s Office will present an update to the Cornelius Town Board on Monday Nov. 7 during the regular Board of Commissioners meeting.

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 increase is expected to be a whopper, based on soaring real estate prices over the past couple of years. Of course, higher home values could lead to higher property taxes.

Residential assessed values are expected to increase by around 48 percent, which means the appraisal of a $200,000 house could climb to nearly $300,000.

A state law

North Carolina law requires all counties to conduct a property revaluation at least every eight years. Mecklenburg County now conducts revaluations every four years.

Davidson Board of Commissioners: Tuesday, Dec. 13 at 6 pm

Huntersville Board of Commissioners: Tuesday, Dec. 20 at 6 pm

The Assessor’s Office monitors market data to accurately determine the market value, with staff visits and observations to verify characteristics, compare similar property sales and consider improvements or changes made. Properties are revalued to ensure assessed values are based on the current market and establish equalization for property owners throughout Mecklenburg County. Property owners will be notified of their new assessed value in early 2023 and will have an opportunity to appeal.

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