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2002 Revaluation Questions & Answers

 
What is revaluation?
 Revaluation is a process that updates the assessed tax value of each property to keep those values consistent with what the property is worth in the current market.

What type of property is revalued?
 Revaluation is done for all residential and commercial land and structures in Mecklenburg County, such as houses, garages, offices, etc.  Revaluation does not include property such as motor vehicles.

Who decided to conduct revaluation?
 The Mecklenburg Board of County Commissioners is the only authority in Mecklenburg County that can call for revaluation.  The Board of County Commissioners did so in 2001.  North Carolina law requires a revaluation be conducted at least every eight years.  The last revaluation occurred in 1998.

Who conducts the revaluation?
 Revaluation is conducted by Mecklenburg County Property Assessment and Land Records Management.

How much will revaluation affect my tax bill?
 Revaluation determines only one of two components of your tax bill – the assessed value.  The other component – the tax rate – is set by an elected body such as the County Commission, the Charlotte City Council or town board.  There is no way to determine at this time what the tax rate will be for the city, county or towns.  The Mecklenburg Board of County Commissioners, the Charlotte City Council and the town boards set their respective tax rates in June. In addition, these tax rates are subject to change from year to year.  However, if there are no changes to the property, the assessed value will remain the same until a new revaluation is called for by the Board of County Commissioners.

 TAX BILL = ASSESSED PROPERTY VALUE X TAX RATE

How much will my property value change?
 Each property’s assessed value will vary depending on numerous market factors.  The best way to estimate what your new assessed value may be is to consider what you believe your property would sell for in today’s market.  This should be close to what your assessed value will be.  In January 2003, property owners will receive in the mail a notification of their new assessed value.

When will revaluation occur?
 The process of determining the new assessed values is underway and should be completed before the end of 2002.

When will I know what my new assessed property value is?
 In January 2003, property owners will be mailed a notification of the new assessed value.

When will my new assessed property value be reflected in my tax bill?
 The new assessed value will be reflected in the tax bills mailed in September 2003.  Payment of these bills is due no later than January 5, 2004.

When will the next revaluation be conducted?
 By law, the next revaluation must be conducted no later than 2011, but may occur sooner, should the Mecklenburg Board of County Commissioners decide to do so.

Where is the revaluation being conducted?
 All residential and commercial properties in Mecklenburg County are included in this and every revaluation.

Why does revaluation occur?
 Revaluation is conducted to make sure all properties are valued equitably, based on what the property is actually worth on the open market.

Why is it being done now?
 By North Carolina law, all counties must conduct a revaluation at least every eight years.  However, counties can decide to revalue property more often.  The last revaluation in Mecklenburg County was conducted in 1998.  This means that since 1998 you and all property owners are carrying value and paying taxes based on the 1998 value of property.  Because many property values have changed considerably since 1998, revaluation will more accurately determine the true market value of each property.


APPEALS PROCESS:
 Property owners have a right to appeal their assessed value, even in years when revaluation does not occur.  To initiate the appeal process, simply return the bottom portion of the revaluation notice.  For other general questions, contact the Customer Service Center at 704-336-4600.

TIMETABLE:
 January 2003: Property owners receive by mail their new assessed property value.
 May 15, 2003: Deadline for filing appeals to the Board of Equalization and Review.
 June 30, 2003: Deadline for Charlotte City Council and Mecklenburg Board of County Commissioners to set tax rates.
 August/September 2003: Real property tax bills mailed using new assessed value.
 January 5, 2004: Deadline for paying 2003 real property tax bills without interest.

PUBLIC MEETINGS:
 Learn more about revaluation and how it may affect you.  A series of public meetings is scheduled throughout the County to inform property owners about revaluation.  These meetings will include a short video describing how revaluation is conducted, with follow-up remarks by Property Assessment and Land Records Management staff on how revaluation may affect you.  Property owners and other residents are encouraged to attend any of these meetings to gather information and ask questions.  All meetings begin at 7 p.m.:

October 1 Morrison Regional Library 7015 Morrison Boulevard
October 2 Plaza Midwood Branch Library 1623 Central Avenue
October 8 South County Regional Library 5801 Rea Road
October 9 University City Regional Library 301 East W.T. Harris Boulevard
October 15 Main Library  310 North Tryon Street
October 23 West Boulevard Branch Library 2157 West Boulevard
October 28 Matthews Branch Library 124 West John Street
November 4 Steel Creek Branch Library  9124-F South Tryon Street
November 11 North County Regional Library 16500 Holly Crest Lane
November 13 Mint Hill Town Hall 7151 Matthews-Mint Hill Road

OTHER IMPORTANT QUESTIONS:

What does revenue neutral mean?
 Revenue neutral means that the tax rate would be set to collect the same amount of total property taxes after revaluation as we collected the year prior to revaluation, excluding new construction.  However, it’s important to know that revenue neutral does not necessarily mean that every taxpayer will pay the same amount of tax after revaluation that they paid before revaluation.  Some taxpayers may pay more, some the same and some may pay less, depending on how much their property’s value has changed in four years.

Will the tax rate stay the same or change after revaluation?
 There is no way to know at this time what the tax rates may be in the City of Charlotte, the towns or Mecklenburg County.  The tax rates are set by the Charlotte City Council, the town boards and the Mecklenburg Board of County Commissioners in June.  However, historically, the tax rate has decreased after revaluation.

 

SENIOR AND DISABLED CITIZENS ELIGIBLE FOR PROPERTY TAX BREAK

A change in North Carolina law means many senior citizens in Mecklenburg County may be eligible for a break on their property taxes.  North Carolina now gives elderly or disabled citizens an exemption of $20,000 or 50% of the appraised value of their home, whichever is greatest.

The property must be the permanent residence owned and occupied by a qualifying owner.  To qualify, an owner must meet all of the following requirements as of January 1, 2003:

· At least 65 years of age or disabled.
· Has an income for the preceding year of not more than $18,500.
· A North Carolina resident.

The application deadline for a senior citizen or disabled citizen who did not receive the exemption the previous year is June 1, 2003.  Anyone who received the exemption the previous year need not reapply.  An application for exemption can be obtained from Mecklenburg County’s Office of Property Assessment and Land Records Management at 700 East Stonewall Street, Charlotte.  To receive an application in the mail, call the Customer Service Center at 704-336-4600.



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