Tax assessments in balance

Nov. 17. By Dave Yochum. With new property tax assessments expected to come out in March of next year—three months later than planned—the Mecklenburg County Assessor is continuing to monitor home prices as the market adjusts to higher interest rates.

It means that the 49 percent increase in values over the past four years could adjust over the next several months.

Mayor Washam

The assessor’s office will continue to monitor the market for further changes and make value adjustments to individual properties through the end of the calendar year, according to Mayor Woody Washam.

The county assessor will mail new valuations to all property owners in the spring. There is an appeal process if property owners want to appeal their values.

“I encourage all Cornelius citizens and property owners to review their valuations when they come out,” Washam said.

How to appeal

Click here to begin the county appeal process.

County Assessor Ken Joyner, speaking before the Town Board, said he wanted to give staff plenty of time to review all sales in 2022.

What it means

As part of the upcoming budget process to develop the FY24 town budget, the town manager will present a “revenue neutral” tax rate. Revenue neutral refers to a budget that takes into account higher property values and adjusts the rate of taxation downward so as not to generate more tax revenue.

Where we are now

With Cornelius’ FY 2023 budget, property owners pay 23.2 cents for every $100 of valuation and another 61.69 cents in county taxes for a total tax rate of 84.89 cents. Cornelius homeowners whose property is assessed at $400,000 pay $3,395 in taxes next year.