More Property Revaluation Meetings Set and Rescheduled

More public meetings concerning Mecklenburg County property revaluation have been announced, and a meeting postponed by icy weather has been rescheduled.

Revaluation is the process of reappraisal of all properties within the County for tax assessment purposes, and is required once at least every eight years by North Carolina law. The last reappraisal in Mecklenburg County was in 2003.

Over time, the real estate market changes, and market prices deviate from the assessed values estimated during the previous reappraisal. A revaluation does two important things:

1) Brings assessed value estimates back to current market price levels, and
2) Clears up inequities that occur because of relative changes between different neighborhoods. For example, some neighborhoods appreciate faster than others; and some even depreciate. The reappraisal helps to equalize the tax burden by ensuring that values are fair.

The actual tax on a property – and how it changes from year to year – is the decision of elected officials when they adopt a budget and set tax rates in June of each year. These officials comprise the Board of County Commissioners, and the council members of the respective municipality in which a property may be located.

The newest scheduled meeting dates include:

· District 1 (rescheduled from Jan. 10 because of bad weather): Jan. 18, 2011, 6:30 p.m. at Cornelius Town Hall, 21445 Catawba Ave, Cornelius, NC 28031
· District 2: Jan. 20, 2011, 6:30 p.m. at Winget Park Elementary, 12235 Winget Park Rd., Charlotte, NC 28278
· Ballantyne area: Jan. 27, 2011, 7 p.m. at Ballantyne Hotel & Lodge (Fairway Ballroom), 10000 Ballantyne Commons Parkway, Charlotte, NC 28277

Representatives from the Mecklenburg County Assessor’s Office will make a presentation on the revaluation process and how it works, and will be available for questions. More meetings will be announced as they are scheduled. For a comprehensive revaluation overview, visit the Assessor’s Office Revaluation website.