With a current property tax revaluation cycle of eight years, Mecklenburg County, North Carolina is eyeing a shorter timeline in the future to help minimize drastic valuation changes for property owners like they are experiencing this year. According the the Charlotte Business Journal, the county is looking to shorten the cycle to four years — meaning the next revaluation would be in 2023 — and, following that, as often as every two years. While it would be a big undertaking for the assessor's office to conduct countywide reassessments more frequently, it would help create a more fair and balanced market.
The 2019 Mecklenburg County Revaluation is already underway, with significant assessment increases expected as this is the county’s first opportunity to react to the market changes and positive economic momentum that has occurred over the last eight years. According to the latest report, commercial real estate has already seen a median increase of 79 percent. Property owners should receive their valuation notices in January 2019, after which they have a 30-day window to file an appeal.
For the full article from the Charlotte Business Journal, click here.