Increase in property values shocks some homeowners

CABARRUS COUNTY, N.C. — Some Cabarrus County property owners told Channel 9 that their values skyrocketed on their tax revaluations.

The county’s tax assessor told Channel 9′s Jonathan Lowe that those are not bills.

However, some property owners fear it’s a sign of what’s to come.

Lowe spoke with a homeowner who is worried a revaluation is going to impact working-class families trying to make ends meet.

“We all know taxes and the values go up and down, fluctuate constantly, but to do over 100% increase in that jump, that fast,” said homeowner Trey Adams. “It doesn’t prepare people.”

Counties across the state are required by law to conduct revaluations at least every eight years.

Cabarrus County does the process every four years.

“A revaluation resets everyone’s property value as of one date to a particular value and then our system, which is based on value, is equitable,” said David Thrift, the Cabarrus County tax administrator.

Lowe asked Thrift why the increases in assessed value appear so massive.

“That’s reflective of what the real estate market has done over that same time frame,” Thrift said.

Thrift emphasized it’s not a bill and that an increase in value doesn’t necessarily mean a higher tax bill.

County officials are at the very beginning of this revaluation process.

“The commissioners and then the cities and municipalities, based on their budgeting process, will set the tax rates that are then applied to that tax value,” Thrift said.

However, Adams is anxious about what his bill could look like.

“We live in this income level because it’s what we can afford and they’re going to out-tax us,” Adams said.

If property owners disagree with your assessed value, Cabarrus County tax officials are encouraging them to file out this form for an informal appeal.

Click here to go to Cabarrus County’s website on tax revaluation.

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