Nov. 8. By Dave Vieser. New revaluations for property owners in Mecklenburg County will not be released until March 2023 according to Ken Joyner, Tax Assessor for Mecklenburg County. Joyner unveiled the new schedule at the Nov. 7 meeting of the Cornelius Town Board.
County officials had initially expected to send out the new tax values in January. The new estimates, which property owners can appeal, are expected to show significant increases for both residential and commercial property.
As of the end of October, increases in Cornelius were running 52 percent for residential and 35 percent for commercial, although percentage changes could differ between now and the end of the year based on the current real estate market.
Values in flux
Since June, with much higher mortgage rates, property values everywhere are in flux.
Jackie Huffman and Ken Joyner answer questions at a Newsmakers Breakfast
“We are in the midst of a very interesting market, so more changes are possible,” Joyner said.
Revaluation is the process by which Mecklenburg County revalues all property (land and buildings) to its current market value as of an established date, in this case Jan. 1, 2023.
Higher home values may or may not lead to higher property taxes—the tax rate is determined separately and, by law, local commissions must publish a revenue neutral rate prior to setting the tax rate.
Details
While state law requires municipalities to conduct revaluations every eight years Mecklenburg is now on a four-year cycle.
The Assessor’s Office monitors market data to accurately determine the market value, with staff visits and observations to verify characteristics, compare similar property sales and consider improvements or changes made.
Ricky Overcash honored for 30 years
Ricky Overcash: 30 years of service
The town officially recognized public works superintendent Ricky Overcash for 30 years of service in various town departments, including police, fire and public works.
“There’s nothing in this town which Ricky hasn’t been involved with,” said Assistant Town Manager Tyler Beardsley.
Mayor Woody Washam described Overcash as a “totally devoted employee to our town.”
