Effects of the Mecklenburg County 2023 Property Tax Revaluation
Mecklenburg County Tax Assessor Office staff presented preliminary but detailed projections to County Commissioners at its budget retreat on January 27 concerning the upcoming property revaluation. 2023 revaluations cover 2022, a year when real estate prices boomed, and homes sold for record prices. The boom has set expectations that most residential owners should see higher tax bills this year. It was reported that home values doubled over the past four years in historically lower income neighborhoods east, west, and north of uptown and that gentrification probably plays a big role in the differences.
Apartment owners fall under the County’s “commercial” category and the projection is that 50% of high value commercial properties should see a tax cut.
Again, the numbers presented are preliminary estimates and assume commissioners adopt a tax rate that is “revenue neutral” — and some speculate that the county’s needs have increased so much that they will seek a tax rate that increases revenue.
Property value notices go out in March, and commissioners will then set the actual tax rates. The city and Mecklenburg’s towns will set tax rates separately. The county and city set their budgets and tax rates in May and June. To review the Tax Assessor’s 2023 Revaluation Update, click here.