Revaluations: Get ready for it
March 17. By Dave Yochum. Mecklenburg residents can check their mailbox or look online for 2023 property revaluation notice. It could be a shocker.
Some of the Cornelius addresses we checked randomly this morning showed increases in assessments of more than 150 percent. Out of 10 we checked, however, five showed increases of 60 percent and under.
County-wide, property assessments have increased an average of 51 percent, according to the Mecklenburg County Assessors Office.
“Due the influx of out of state buyers and inflation, prices have gone through the roof, with no end in sight,” said Robert Lowrance, owner of Lowrance Properties, a local commercial real estate company.
The County Assessor has reappraised all properties based on market value. The new values will help determine property owners’ tax payments later this year after City, County, and Town elected representatives set their tax rates.
The final tax bill could be higher—or lower—based on the rate set by local governments later this spring.
Random sampling
We looked at 10 residential properties and did the math on the percentage increase in property values from 2019 to today:
—A non-waterfront house on Lakeshore Drive: 113 percent, from $436,000 to $931,000
—An 1,855 square foot home on Townwood: 42 percent, from $273,000 to $388,000
—A lakefront home on Peninsula Club: 60 percent, from $1.14 million to $1.82 million
—A 1,781 square foot home on Coachman’s Trace: 60 percent, from $246,000 to $393,000
—A 4,000 square foot home on Robbins Preserve: 49 percent, from $732,000 to $1.09 million
—A lakefront home on Peninsula Point: 41 percent, from $3.89 million to $5.5 million
—A 1,280 square foot home on S. Ferry: 174 percent, from $91,000 to $250,000
—A 924 square foot home on S. Hill: 161 percent, from $72,000 to $188,000
—A 1,482 square foot condo on Harborside: 97 percent, from $344,000 to $679,000
—A 1,449 square foot home on Church: 90 percent, from $186,000 to $354,000
Commercial
The Shops at Fresh Market: $31.28 million
We also checked a commercial property, one of the largest in Cornelius. The Shops at Fresh Market, which will house the new Total Wine and HomeSense stores, rose 51 percent in value to $31.28 million, from $20.67 million.
Owner DDR Southeast/Southlake has already paid their 2022 tax bill of $175,450. The Town of Cornelius’ share of the bill: $47,949. The county takes the rest, or $127,501.
How to appeal
You can appeal your new assessment yourself regardless of whether you’re the owner of a residential or commercial property as you do so by June 9.
But higher property values may or may not lead to higher property taxes—the tax rate is determined separately.
To appeal, go to your individual property online by clicking here, and then hit File and Informal Review.
Must taxes go up?
The Town of Cornelius must publish a revenue neutral rate prior to setting the tax rate by June 30 of this year. It’s possible for your local tax bill to go down, if the rate falls enough to compensate for the higher increase in value. Of course, the opposite is true.
Sources in Mecklenburg County say the county’s new tax rate is expected to be higher than revenue neutral. It appears to be a toss-up in Cornelius with sentiments on both sides of the equation on the Town Board.
Go to www.mecknc.gov and link to the county assessors office, or call 980-314-4226. To find your property online, including assessments and tax history, click here. Just punch in the owner name or street address.
