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The Bad News Report


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Checked my new tax value on a property I own in Meck County and it went up 35%.  They are saying the average is 43% for residential.  The BIG question is will Meck go with revenue neutral pretty close to that which means dropping the tax rate or what.  I will be watching closely.  My square footage seemed to increase and I have not made any structural changes to the property ever. 

here is the link to search

https://property.spatialest.com/nc/mecklenburg/

Edited by KJHburg
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6 minutes ago, KJHburg said:

Checked my new tax value on a property I own in Meck County and it went up 35%.  They are saying the average is 43% for residential.  The BIG question is will Meck go with revenue neutral pretty close to that which means dropping the tax rate or what.  I will be watching closely.  My square footage seemed to increase and I have not made any structural changes to the property ever. 

Just posted in the off topic thread over in the coffee house but mine increased by 107%! 

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7 minutes ago, SouthEndCLT811 said:

Just posted in the off topic thread over in the coffee house but mine increased by 107%! 

well that classifies as bad news.  Ouch.  I think in town property owners will be shocked at the increases.   I still think I might get a tax increase we will see.  This property I have have is eastern Meck county.  

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42 minutes ago, KJHburg said:

Checked my new tax value on a property I own in Meck County and it went up 35%.  They are saying the average is 43% for residential.  The BIG question is will Meck go with revenue neutral pretty close to that which means dropping the tax rate or what.  I will be watching closely.  My square footage seemed to increase and I have not made any structural changes to the property ever. 

 

Yeah, both of my properties have a higher sqft on the tax site than in reality.  Not sure if that is something we can dispute. 

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27 minutes ago, Desert Power said:

Yeah, both of my properties have a higher sqft on the tax site than in reality.  Not sure if that is something we can dispute. 

It is absolutely something you can dispute with evidence, however, depending on how much it is off by it is probably not worth it.

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My assessed value went up 50.40%.  With a super majority county commission and city council, I highly doubt there will be a revenue neutral change in assessment rates.  I would expect a 1%-3% increase in your tax bill from 2018.  I'd predict rates will drop to the 0.870 - 0.9300 range  from 1.3119 (combined city & county).

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After reviewing several properties, I honestly think the assessed values are pretty darn accurate and as far as valuation is concerned not much to complain about.  People should be complaining if they do not adjust the assessed rates to within 1-3% of 2018.

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14 minutes ago, Matthew.Brendan said:

LOL, if only..... Can’t remember last time the tax rate ever decreased. 

The property tax rate was cut 12% during the 2003 re-evaluation to account for the increase in appraised home values. 

18 minutes ago, lancer22 said:

Excuse me if I'm being thick, but as someone who has never owned a home, why does assessed value matter? Shouldn't you care about what your actual tax bill is (assessed x rate)? Whenever they re-assess don't they drop the rate by a proportional amount?

 

If your home gained more value than the average, you will likely pay more in taxes. That's why in-town homeowners in gentrifying neighborhoods are going to see tax bill increases. If your home went up 110% but the average county-wide only went up 43%, you'll definitely be paying more. They will set the tax rate based on the average. 

Gentrification will likely accelerate in areas in transition as low income homeowners may be forced to sell if they are already on the margin of affording their home. 

Edited by CLT2014
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18 minutes ago, CLT2014 said:

The property tax rate was cut 12% during the 2003 re-evaluation to account for the increase in appraised home values. 

If your home gained more value than the average, you will likely pay more in taxes. That's why in-town homeowners in gentrifying neighborhoods are going to see tax bill increases. If your home went up 110% but the average county-wide only went up 43%, you'll definitely be paying more. They will set the tax rate based on the average. 

Gentrification will likely accelerate in areas in transition as low income homeowners may be forced to sell if they are already on the margin of affording their home. 

Yes so this was my concern, but in a vacuum, property values going up is not in and of itself a bad thing.

 

Good point about impact of gentrification

 

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19 minutes ago, navigator319 said:

Idk why any of this is bad news. You want your value to go up.

Bad news only comes if city/county decides to raise taxes which they have not done.

In the 7 years have owned my place the tax bill has went up $56. I’m hard pressed to call that tax increase bad news.

I'm with you but in my case if all rates stay equal it's about $160 extra a month I'll have to pay to my escrow account.  Not world ending but not small by any means.  I'm doing a home addition and my appraisal came in $40k higher than my new tax value so I'm in no place to say I got off too harshly, just still a bit of a shock on a relatively dull Thursday morning :) 

Edited by SouthEndCLT811
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29 minutes ago, navigator319 said:

Idk why any of this is bad news. You want your value to go up.

Bad news only comes if city/county decides to raise taxes which they have not done.

In the 7 years have owned my place the tax bill has went up $56. I’m hard pressed to call that tax increase bad news.

Well, you want your market value to go up. Tax value tends to follow the market, but otherwise it's nice for the tax value to stay down. (My house went up about 57%)

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I guess here is what the problem and bad news is: some  people in this county are going to face much larger tax bills and if their taxes are escrowed into their payment then there will be major shortfalls in their escrow accounts by the end of the year.  Some people whose value has gone up much greater than 43% will face higher taxes and higher house payments in 2020.  

Mecklenburg County has not re-evaluated property in 8 years which is the MAXIMUM time the state of NC allows.   They need to reevaluate values every 4 years or so there is not so much drastic change.  Texas does it every year but I would never recommend that.  Surrounding counties are doing more often than 8 years which they are allowed.  

The other issue is the county commission usually raises more revenue even by rolling back the tax rate  some but not enough to  change the fact that revenues raised is greater ,a stealth tax increase usually larger than what they would do normally. 

The tax rate won't be set until late May or June so until then it is all conjecture on what your tax bill will be but you better be watching closely or you will be in for a shock.  You do have to appeal before the tax rate is set.  

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This is a reasoned discussion. I found, with the two properties I owned, that an appeal is worth the time spent, in my case. I spent an hour or two or three researching the properties around me, I knew their history and improvements and I collected the documents and wrote a dispassionate appeal. When denied I scheduled a personal appeal and added what may have been additional information from the interim period. I made my personal appeal with reason and without emotion before the appeal board, a knowledgeable group.  I had a drop in value each time I appealed. The most recent time in 2011 it was not a large amount, 3.25%, but that decline in tax is multiplied over eight years. 170$ per year for eight years. It was worth it for me. I have also appealed my auto assessment when I thought it out of line and had documentation and was successful in that.

In my case in Dilworth, the majority of my value by far was the land and not the structures. I saw that an overview of my neighborhood showed that there was a "wipe" of land value that had all properties of a similar size with identical land value and so any appeal must recognize that the minority of the revaluation is what is in play, not the total. Land value is impossible to appeal unless it was a unique and quite bizarre piece of land overlooked by the "wipe".

I am living in a condo purchased in 2015 and my value increased 48%. I plan to appeal.

(My fee for real estate or auto valuation appeal is reasonable :  )

Edited by tarhoosier
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The combined tax rate likely will go down quite a bit, but not revenue neutral. One does have to pay for the Cross Charlotte Trail and other newly discovered expenses.

Of course, waiting eight years for a revaluation did create more of a shocker. But instead of slashing that interval in half, I like states that allow actual sales to automatically update valuations.  Talk about fair market value.

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