Results of those reviews will be mailed to property owners in early June, setting the stage for formal reviews by the Board of Equalization and Review in July.
The final number of informal appeals filed with the Tax Assessor is approximately 41,700, about 70 percent of which are for residential properties. Last year, the assessor estimated that there would be 40,000 informal and 8,000 formal appeals. Office and field reviews of the remaining informal appeals will be completed over the next two months. Notifications of those decisions will be sent at regular intervals as the appeals are completed.
The Board of Equalization and Review will review formal appeals through December. Once all the appeals have been completed, it is estimated that the total value of all real property in the County could be decreased by $6 billion, an amount factored into the County Manager’s recommended budget. As a result, the total tax value of all Mecklenburg County property could be approximately $93.2 billion.
The Board of Equalization and Review is a panel of 15 citizens appointed by the Board of County Commissioners which reviews assessments that are appealed by property owners. The formal appeal process is the second step in a potentially three-step process that ends with the North Carolina Property Tax Commission.
Property revaluation is mandated by the state of North Carolina to be conducted at least every eight years to equalize the tax value with the market value of all properties. The last revaluation in Mecklenburg County was 2003.