Wednesday, February 23, 2011

5 Crucial Facts About Mecklenburg County's Property Valuation

5 Crucial Facts About Mecklenburg County Property Valuations:

  1. North Carolina law states that residential property shall be appraised at “market value”, which is defined as the estimated price the property could be sold for in a regular real estate transaction.

  2. According to Mecklenburg County, almost 1 out of every 10 homes has a market value, for tax purposes, of 50% or more compared to the previous appraisal. A home previously appraised as being worth $300,000 may now be appraised at $450,000 or more for tax purposes - an increase of $150,000 or more!

  3. According to Mecklenburg County, the average home's value for tax purposes increased by at least 15% as compared to the previous appraisal. The government is thus stating that the average home owner can sell his or her property for more now than in the past.

  4. Most Mecklenburg County home owners have only until March 10 to file an appeal or they will lose their rights to object to these increases in taxable home values.

  5. Attorney Jason A. McGrath may be able to help you with your appeal. Click here to find out more about the process: property valuation appeals; or click here to contact McGrath Law, PLLC about a property valuation appeal.