For the first time since 2011, Mecklenburg County, North Carolina is conducting a countywide revaluation of all residential and commercial real estate for property tax assessment purposes. The 2019 reval 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.
What to Expect
According to the latest report, commercial real estate has already seen a median increase of 79 percent. Mecklenburg County tax officials say, in general, they are going to increase values based on sales activity within the past few years. The current Sales to Assessment Ratio is 99.4 percent. The average market pricing since 2011 revaluation are as follows:
- Office: Increase of 101%
- Retail: Increase of 77%
- Industrial: Increase of 45%
- Warehousing: Increase of 28%
Dates to Remember
Valuation Notices Issued: January 2019
Appeal Deadline: 30 days from Date of Notice
Because Mecklenburg County is on a multi-year revaluation schedule, it is imperative that real estate owners ensure they receive a fair and accurate assessment as their property tax bill will be based on that value for several years. Due to the short 30-day appeal window and dramatic value increases, I highly recommend enlisting a property tax professional at this time to proactively assess your current property value and prepare to file an appeal if warranted.
If you would like more information on the Mecklenburg County 2019 Revaluation or would like Paradigm’s assistance, please don’t hesitate to contact me.
You’re Invited: Mecklenburg County 2019 Revaluation Lunch & Learn
A look at the significant impact to Commercial Real Estate Values
Paradigm will be hosting a complimentary Lunch & Learn for anyone in the Charlotte area (or anyone willing to travel) to provide an opportunity to gain more insight on the 2019 reval. We will have Mecklenburg County Assessor Ken Joyner and Assistant Assessor Christina Lantis in attendance to provide an overview of the reval, discuss how different commercial sectors are expected to be affected, the process for contesting values, and to answer any of your questions. For more information and to sign-up, click here.