CHARLOTTE — In less than two weeks, property owners in Mecklenburg County will learn how much their homes and business are worth.
The values determine what your tax bill will be in conjunction with the tax rate set by county commissioners and city councilmembers. Notices will be available beginning on March 17.
This process used to happen every eight years, but now it happens every four.
Mecklenburg County Tax Assessor Ken Joyner joined the Political Beat to walk through the complicated, but important process.
Joyner said the revaluation began in August 2020 as his office divided the county up into more than 3,200 different market areas.
“We then will track the sales of other properties within those individual neighborhoods and use the sales from those properties to value the remainder, including those properties that were sold within the neighborhood,” Joyner said. “We are isolating individual markets and we’re able to determine what that market value in each of those areas is.”
Countywide, property owners can expect a massive increase on the value of their real estate, Joyner said.
“Residential values are going to go up around 58%,” he said. “Overall, we are going to see about a 51% increase and our commercial market is going to see a 41% increase.”
>>> In the video at the top of this page, the Political Beat’s Hunter Sáenz sits down with the local tax assessor to learn how you’ll be impacted when the revaluations notices are released.
(WATCH BELOW: Residents worry about paying higher property taxes after latest revaluations)
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