While the rest of us are preparing for the holidays, the Mecklenburg County Assessor's Office is preparing to mail revaluation notices relating to its 2019 county-wide revalaution. The county expects to have notices out in January, and folks responsible for paying property taxes on commercial properties in Charlotte and the surrounding areas should brace themselves.
Ken Joyner, Mecklenburg's tax assessor, said that commercial properties have gone up 77% on average, according to a recent article in The Charlotte Observer by Ely Portillo. It is important to note that the last county-wide revaluation was back in 2011, so the jump in values is from January 1, 2011 to January 1, 2019 and not just over the last year. That said, an average increase of 77% is obviously significant.
While revaluation notices will be there in January, property owners won't know the tax impact of the assessment increase until the County sets its tax rates. We expect the tax rates to aim for "revenue neutral," meaning that the overall tax billed will not be significantly more or less than it was last year — even though the values are going way up. However, commercial property values are going to increase more than residential. So, while we expect a "revenue neutral" for the County as a whole, it will not be "revenue neutral" for commercial properties.
If you're responsible for the property tax function of commercial properties in Mecklenburg County, you need to keep an eye on the mail. Stay tuned for a post about what you should do when you receive it.