Business

Meck property revals coming in: Some commercial up 60 percent since 2011

Jan. 24. The last few years have been awesome from a property owner’s point of view; their homes are worth considerably more. How much more is becoming apparent today as the new Mecklenburg County tax values come online.

One lakefront property in The Peninsula in Cornelius, with around 5,000 square feet of living area, climbed in value 47 percent.

Records show it went from $843,000 in the 2011 reval to $1,243,500 in the newest revaluation just completed by the Mecklenburg County Tax Assessor’s Office.

“It looks good but I def don’t know if it’s going to feel good,” the Peninsula Club Drive homeowner said in an email.

Property value increases between 33 percent and 50 percent seem to be common, but the valuation of one home in Preston at the Lake went down $800 between 2011 and now, according to the homeowner. Homes there are generally in the $400K to $500K range in Preston.

Property owners are telling Cornelius Today that the value of one house in Oakhurst went up 33 percent. One in Cambridge Grove in Huntersville rose 25 percent.

Q&A with assessor

Ken Joyner, the Mecklenburg County Assessor, will be the Newsmakers Breakfast speaker Feb. 20 at The Peninsula Club hosted by Cornelius Today and Business Today. Joyner is responsible for the assessment of all real and personal property in Cornelius and throughout the county.

He is responsible for the monumental revaluation of more than 360,000 tax parcels in Mecklenburg, as well as the processes around appealing valuations.

Birkdale-based Real estate closing attorney Justin Ckezepis said homeowners need to be prepared for an increase. “It is not fun to have to pay more tax. However, it is an indication of how well our marketplace is doing,” he said.

MCINTOSH

Commercial trickle down

For commercial property owners, the hit can be particularly onerous.

“Commercial property owners will likely see substantial increases in property values. Some could be looking at 80 percent or higher,” said Bob McIntosh, founder of The McIntosh Law Firm in Davidson.

It means there could be a trickle down effect. One landlord said, simply: “Rent is going up!”

Of course, tax bills hinge on the tax rate as well as the valuation. Municipalities, as well as Mecklenburg County, can reduce the tax rate to mitigate the effect of higher valuations. Whether governments have the intestinal fortitude to hold the line on reaping the benefits of more tax revenue is a question for your commissioners on a county level and the local level. The bulk of property taxes go to support county services.

There is plenty of information on the reval online, including how to appeal: https://www.mecknc.gov/assessorsoffice/meckreval/Pages/Home.aspx

The Newsmakers Breakfast Feb. 20 is an open forum Q&A with Cornelius Today and Business Today readers includes a full country breakfast. The cost to attend is $12. Reservations are required. To RSVP call 704-895-1335 with Visa or MasterCard.

The Presenting Sponsor is The McIntosh Law Firm, based in Davidson. The Breakfast Sponsors are Realtors Dixie Dean and Christina Stone as well as real estate law firm Irvin Law Group. Coffee Sponsors include Davidson Wealth Management and Aquesta Bank.

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