Tax & Accounting Blog

Mecklenburg County, North Carolina: Real Property Revaluation

Commercial Real Estate, ONESOURCE Property Tax April 13, 2011

Do you know the facts surrounding the recent revaluation in Meckelnburg County, North Carolina?

  • North Carolina law requires each county to reassess its real property at least once every eight years.  The last time Mecklenburg County reassessed was in 2003.
  • The assessor’s office must meet two requirements through this reassessment:

1.) Market Value – Properties should be appraised based on the most probable price that each property would demand in an open market transaction as of January 1st, 2011.

2.) Equity – Properties should be assessed in fairness so that no property or group of properties is undervalued or overvalued relative to other similar properties within the same submarket.

  • According to Chuck Hicks, Mecklenburg County’s revaluation manager, most properties will have higher values because of strong appreciation that happened before the December 2007 to June 2009 recession.
  • It is speculated that retail properties will see the largest value increases, followed closely by industrial and office properties.

For the first time, the County will be applying an income-based approach while setting most commercial property values. Mecklenburg County began mailing assessment notices on March 21, 2011 with a 30-day window to file an appeal. Is your property being valued appropriately?

Our customized and comprehensive property tax services are supported by a team of over 575 tax professionals in 28 offices across the United States. Our specialists have extensive experience in all types of property tax valuation and have deep relationships in nearly every jurisdiction in the country, including Mecklenburg County.