The Mecklenburg County Property Tax Revaluation may cause serious sticker shock for those that own Mint Hill, NC real estate. Some may see increases of 40% or even 50%, but this does mean the value of the property did go up. This could actually be good news for anybody looking to sell.
It’s important to remember, a revaluation is required every eight years. In the future, the county plans to revalue properties every four years, placing the next revaluation in 2023. All properties, including homes, land, and commercial properties must be revalued to ensure accuracy. This is done by comparing the property to similar properties and adjusting for any improvements or changes made to the property.
The preliminary numbers showed that values for properties within the county were up 53%. When it came to residential properties, the values were up, on average, 40% and commercial properties were up 77%.
Potential Lower Tax Rate
It’s possible the tax rate for Mecklenburg County may be lowered. The current rate is 0.8232. If this rate is lowered, the tax burden many fear may be lower than they think. Regardless, it’s important to have a good plan in place for your finances.
Creating a Plan of Action
Having a good plan of action is important. You don’t have to make your home one of the homes for sale in Mint Hill, NC just because of your new tax burden. However, you do need a plan in place to deal with it.
A good place to start is to prepare for the worst. Figure out what the worst case scenario could be for your property and adjust your household budget for the higher tax payment. If you prepare for the worst and it’s not as bad as you thought, you won’t be in a desperate situation.
It’s important to understand how your tax burden might increase. If your home was taxed at a value of $200K before and it doubles in value to $400K, your tax burden will also double, as long as the tax rate doesn’t change. Since property taxes are based on a specific tax rate, a higher value means a higher tax burden.
You can also challenge the new value assigned to your home, but you will need to be prepared with recent comparable sales to do it. This may not be an easy thing to do considering the strong seller’s market in Mecklenburg County right now. However, if you do have a case, it’s possible to challenge the value and have it adjusted.
If you’re not sure what to do about the new tax burden, it’s best to get the advice of a professional within the industry. Call me anytime and I can provide more information to understand how the new revaluation will impact your situation.
I would love to be part of your journey when the time is right for you. If you ever have a real estate question or need, or know someone who does, trust that you can turn to me. I will help you make the right move! Anna Granger 704-650-5707 |email@example.com.
1st Choice Properties Inc. | Broker-in-Charge, Realtor NC/SC, MBA, ABR, ePro, SFR, SPS
Office address: 4410 Mint Hill Village Lane Suite 202 Mint Hill NC 28227
Mailing address: 7427 Matthews Mint Hill Road | Suite 105-126 | Charlotte, NC 28227
Office: 980.272.6300 | Cell: 704.650.5707 | E-mail: firstname.lastname@example.org | www.1stchoicepropertiesinc.com | www.matthewsminthillhomes.com