Property tax is based on valuation and rate

April 5. By Dave Vieser. On an evening with a light agenda, Cornelius commissioners spent much of their meeting on a detailed update from the Mecklenburg Tax Assessment Officers Office regarding property revaluations.

Deputy Assessor Brad Fowler said that a team of eight county workers and a senior manager have been laser-focused on the reval process since the beginning of the year, backed up by some 40 appraisers.

As of this week, the team had completed an initial review on 89 percent of all properties.

Tax values are one of two major factors determining the property taxes paid by homeowners and businesses starting next year. The other factor is the tax rate which is established by each municipality in conjunction with their annual budgets which must be adopted no later than July 1, 2023.

$7.55 billion town

Cornelius currently has a total tax value of $7.55 billion. As of the moment, the median residential sales price in the county is approximately $367,000.

Significant value changes

“It appears at this point that there are going to be significant valuation changes when our reval is completed,” said Fowler. “Its no secret that the Charlotte area real estate market has been a very hot one.”

Details

The new final values will be established by Jan. 1, 2023, with property owners getting their new tax values that month. Those wishing to appeal can do so before the official tax bills are mailed in July of 2023, payable on or before Sept. 1. Interest begins to accrue if the bills are not paid by the start of January 2024.

Fowler urged taxpayers to access the county web site to obtain additional information on assessment programs: www.mecknc.gov.

In other action

Photo by Jason Benavides

—The commissioners adopted a proclamation saluting the men and women who serve as public safety communicators. The second full week of April is so designated and Cornelius has had a crew of 911 operators on the job in Police Headquarters since 1993. There have been close to 1 million calls for help over the 29 years of service.

—The Town Board also adopted a second resolution naming April 12 as Education and Sharing Day, in memory of the Lubavitcher Rebbe, Rabbi Menachem Schneerson in recognition of his many contributions towards improvements in world education.