If you live north or west of Uptown Charlotte, home values have increase much more than other neighborhoods.
There is a real challenge for Mecklenburg County officials as questions loom around property revaluations.
Over the last four years, home values have gone up. But if you live north and west of Uptown Charlotte, those home values have increased more than other affluent neighborhoods in Charlotte.
The Mecklenburg County Assessor Ken Joyner filled in the gaps for Mecklenburg County Commissioners on the effects of property value increases, including breaking down expected tax increases via location and value.
County officials brought the projections to the table for commissioners. Joyner told the county that lower-valued neighborhoods have seen a greater impact from higher-priced home sales more than other areas where prices were consistently high.
“Properties that are being built, they’re paying for that land and they tear down whatever was there,” Joyner said. “They then build larger structures, raising the property value.”
Since the last revaluation in 2019, commercial property values have grown at a slower rate than residential land. But it all leads to talk that property taxes could go up, especially in places that have seen an increase in home values.
Aaron Houck, director of regional policy at UNC Charlotte’s Urban Institute, explained that the county could help alleviate this burden through a revenue-neutral tax rate.
“City wouldn’t increase the total revenue collected for property taxes, what would change is that total number that would be divided up among property owners,” Houck said.
Another option he said came to mind is the county could potentially seek a tax rate that increases revenue. This would mean people could see higher taxes — unless the property has dropped in value.
The county expects to mail new values to property owners in March. The county and the city will release budgets and corresponding tax rates to folks in May and June.