The tax man says my home is worth what?

Last month, homeowners in Charlotte-Mecklenburg, Union, and Cabarrus Counties opened their mailbox to a letter from the tax assessors office which may have caused a few heart attacks (to put it politely).  Yes, its reassessment time and for most the increase was around 16%.  However, for others the tax increase was much more significant. 

Take for instance the home listed by my colleague Jay Ross.  I have it featured in the postlet to the right as well have used it many times in my blogs to demonstrate advertising, etc.  This home is absolutely stunning.  It has 6 Bedrooms, 4 1/2 Baths, a keeping room off the kitchen, a bonus room ready to be a theatre, the most incredible master bath you've ever seen and is a little north of 4,600 sq. ft. in size.  In 2007, this home was valued at $793,270.  Today, the tax man believes its worth $1,000,680!  We have it listed for $865,000 or roughly 15.69% below tax value.  That's a 26.15% tax increase in one year!  Believer it or not, the seller is not appealing this valuation because he's selling the house and who wouldn't want a home that much below tax value? 

However, not everyone shares his sentiment.  In a year where the single family media house price has dropped 9% from $213,250 in January 2007 to $195,000, property taxes have increased by that much and greater.  The arguement for higher taxes in Union County is that money is needed to build schools and infrastructure.  While that's very much needed, poor planning has led to a lack of infrastructure and a lot of land that is ready to be developed into taxable commercial establishments sit vacant because of a lack of sewers. 

If you feel your property tax valuation is too high, you can file an appeal with the county by completing this form.  Other counties around Charlotte, you can contact the county tax assessors office to file an appeal.  I can imagine the tax assessors office is a popular place today however most are not liking what they're hearing as most appeals are denied. 

But at least for all the money we're spending, our local government are being good stewards of our money, right? 

Jonathan Osman
Charlotte NC Homes, Charlotte Real Estate