Matthews NC Property Owners to Receive New Tax Valuations in February
February is the month each property owner in Mecklenburg County will receive a notice of the 2011 assessed value of his property. The last tax revaluation took place in 2003. Required at least every eight years, the latest tax revaluation process has been underway for a year. Because home sales have shown declining values over the course of 2010, county tax assessors have continued to revise values until the end of December to reflect the most current numbers.
The Charlotte Observer has done a study of all 2010 homes sales in Mecklenburg County. The Observer compared each property’s sales price with its tax value to calculate a percentage increase or decrease in value since 2003. The Observer found that about half the properties studied increased in value. Results of the study can be found in an interactive table where a search can be done by street or zip code.
Will Matthews NC homeowners love or hate their new tax valuations?
I decided to use the Observer’s interactive search to take a look at how home sales in Matthews NC compared with 2003 assessed values. I searched home sales in zip code 28105, which covers most of the Town of Matthews plus a few adjoining areas.
What did I find?
There were 355 home sales in 28105. Two hundred five of those closed sales prices were above the 2003 assessed values. Four were equal with the assessed values. One hundred forty six were below the 2003 assessed value. The variations ranges from +169% for a property on Margaret Wallace Road to –99% for a property on Keziah Road. Properties with the most negative variances from 2003 values tended to be distressed sales, such as foreclosures.
In general, a greater percentage of properties in Matthew increased in value than in the county as a whole. Demand for Matthew homes remained strong.
Will Matthews NC property taxes go up this year? It depends.
The new town and county tax rates won’t be set until June. According to county tax assessors, the median property value in Mecklenburg County went up 6 to 8%. If the local governments try to maintain the property tax base as it is currently, Matthews NC home owners whose new assessments are within that range will see their taxes stay the same. If a property’s increase is substantially more than 6 to 8% above the median value, property taxes are likely to go up. Properties that declined substantially will probably see lower taxes.
Want to take a look at your own neighborhood or area. Click here for a link to the Charlotte Observer’s home sales search.
Learn more about real estate and living in Matthews NC. Visit www.CarolinaSmallTownLiving.com.
Copyright 2011. Carol Fox. Allen Tate Realtors. *Matthews NC Property Owners to Receive New Tax Valuations in February*
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