Rising property values in Mecklenburg County spark fears of being priced out

MECKLENBURG COUNTY, N.C. — As Mecklenburg County’s housing market continues to change, some longtime homeowners are worried rising property values could eventually price them out of their neighborhoods.

That concern is especially relevant as the county sends out new property tax bills following its latest revaluation.

Pamela Latta has lived in her North Charlotte neighborhood for about 30 years. She has watched the area transform from a quiet community into one surrounded by new apartments, development and more traffic.

Latta first contacted Channel 9 in 2024 after learning her home could be reassessed at a significantly higher value, potentially increasing her property tax bill.

“It puts you on edge,” Latta said. “Because you don’t know what to anticipate.”

North Carolina law requires counties to conduct property revaluations at least once every eight years. Mecklenburg County conducts them every four years, largely because rapid population growth can cause property values to change significantly.

Mecklenburg County Tax Assessor Ken Joyner said the county’s goal is to value properties at 100% of their market value.

The county uses a mass appraisal system that divides the county into more than 3,000 neighborhoods. Officials analyze sales in each area during a specific period and establish a price per square foot that is then applied to comparable homes.

That means the assessment process considers neighborhood-level sales data rather than individually determining the exact market value of every home.

A Channel 9 analysis found that revaluations can result in lower-priced homes carrying a higher tax burden relative to their market value.

One reason is what’s known as an assessment gap.

Consider a luxury home in SouthPark that was listed for $13 million in 2024 and eventually sold for nearly $10 million. Through the county’s 2019 and 2023 revaluations, its assessed value remained around $5 million.

Because Mecklenburg County has also lowered its property tax rate over the past decade, the owner of that multimillion-dollar home actually saw the annual tax bill decrease by about $25,000.

The difference is even clearer when looking at assessed values across the market.

In 2023, the most expensive 10% of homes in Mecklenburg County were assessed at about 71% of their market value, while the least expensive 10% were assessed at about 92% of their value.

That means homeowners in less-expensive properties can, in some cases, be taxed on a larger share of their home’s actual value.

There is also a market gap.

Home values don’t rise at the same rate in every neighborhood between revaluations. In areas experiencing rapid development and gentrification, property values can increase sharply before the county conducts its next assessment.

Joyner said that can make it appear that some homes were under-assessed, even if they were properly valued when the previous revaluation occurred.

Data from a University of Chicago project shows similar patterns across Mecklenburg County. The most undervalued homes for tax purposes tend to be in higher-value areas, including parts of South Charlotte, Huntersville, Davidson, Cornelius, Lake Norman and the Palisades.

Meanwhile, some of the most overvalued properties are concentrated in east and west Charlotte.

Joyner acknowledged that those differences can create disparities in the tax burden.

“If your high-end areas are valued at a different level than your low-end, you’re going to have those discrepancies,” he said.

Latta is currently getting help through a special program that assists with her property taxes, but she isn’t sure what the future will look like.

She is even considering moving.

“People who live in these homes, raised their kids in these homes, you’re pricing them out of their property,” Latta said. “You’re fixing it so they can’t remain here.”

The difference can be seen in individual tax bills, too.

A home in west Charlotte saw its assessed value more than triple, from $69,000 to $237,000. Its tax bill increased by about $1,000.

A home on Queens Road increased in assessed value from $1.6 million to $2.8 million, but its tax bill increased by about $800.

The higher-value property still generates a much larger tax bill in actual dollars.

But the examples illustrate how a sharp increase in assessed value can have a significant impact on longtime homeowners in neighborhoods where property values are rapidly changing.

Mecklenburg County property tax bills are being mailed now. Homeowners who haven’t received theirs yet should expect them soon.

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