Declining Sales, Growing Inventory Continue to Move in Direction of Buyer’s MarketHappy Spring everyone!I love this time of year (minus the pollen). The weather is changing and so is the
Your Real Property Taxes Explained Simply
I hope you're taking advantage of this spring weather! The big topic of the moment is the new Mecklenburg property taxes that recently went out and I'm sure a few of you have some questions. Let's wade through this together and provide some clarification.
Your taxes are the product of your HOME VALUE and the TAX RATE. The tax rate will be set around July 1st. The HOME VALUE, which is to be reset set once every 8 years, is what is being reevaluated now. The law states the reassessment process needs to set the value at current market value. So, in theory, your current tax value should be very close to what you could obtain today on the open market.
Across Mecklenburg, residential property tax values have increased on average 40%. Commercial increased about 70%. In theory, if the local government budget stays the same as last year (unlikely), the tax rate would decrease below what it is today. While that would seem to keep taxes on par to what they were last year, the fact the commercial sector’s value increased 70%, would mean they would burden a higher share of that budget and residential taxes would go down!!!! Again, unlikely because the city, county, and their appropriations committees are most likely going to see this as an opportunity to collect more tax revenue for a broader set of projects, new hires, etc.
For now, you shouldn’t just assume your taxes will change. Instead, review and evaluate your value. You can view your new reassessment value here. https://property.spatialest.com/nc/mecklenburg/#/ There is an appeal process if you believe your home is overvalued relative to the actual market. Ask yourself the following two questions:
1) Would I sell my home for the current assessed value? If the answer is no, then you are probably under-valued, and I wouldn’t challenge your assessment.
2) If you feel your home is higher than similar peers, then you may still have a challenge. This can happen in an area where most homes have been renovated, but yours has not.
Any of my fantastic agents would be happy to help you evaluate your value to determine whether it seems fair. Check out your home value independent of the reassessment here. https://www.janezicrealty.com/sell.php This is just an estimate so feel free to give me a ring so I can fill in the human factors and give you your home's true valuation.