Real Property Tax Appeal
Charlotte / Mecklenburg 2023 Real Property Tax Appeals
In Charlotte and Mecklenburg County, North Carolina the next countywide revaluation has an effective date of January 1, 2023. Since the last revaluation which was effective January 1, 2019, the real estate market experienced a significant upswing resulting in an increase of median sale price for homes of nearly $100,000.00. The sale price of similar properties in the area of the subject property is a driving factor in the County’s determination of property values.
Notices informing property owners of their new valuations are to be sent in February 2023. A property owner whose newly assigned valuation exceeds its current market value has only thirty (30) days to appeal such valuation. The failure to appeal will cause a property owner to pay in excess of what might have been corrected through timely use of the appeal process.
Umberger Wells, PA is prepared to assist residential and commercial property owners that seek to contest or challenge 2023 county valuations to insure that the revaluation assigned to commercial and residential property owners is accurate and based upon a sound assessment of a property’s characteristics and thus reduce future property tax liability. The benefit of reducing a property valuation can result in meaningful savings. For example, a reduction of $100,000 in assessed value for a property located within the city limits of Charlotte will result in an estimated $3,860.00 in property tax savings over a four year time frame (the time between revaluations) based on current tax rates imposed by the City of Charlotte (.3481) and Mecklenburg County (.6169).
Umberger Wells, PA can file your property tax appeal on a timely basis and forcefully advocate your position to the Tax Assessors Office and the Board of Equalization and Review to provide the best opportunity to reduce an owner's tax liability (The Board of Equalization and Review is the Board entrusted with hearing appeals).
Our fees are typically $2,500.00 for a residential property appeal and $5,000.00 for a commercial property appeal (although a commercial property appeal may be handled on a contingent fee basis). For those clients who are uncertain whether an appeal is warranted, we also provide an initial valuation assessment for $500.00 for a residential property and $1,000.00 for most commercial properties (which payment is credited towards any subsequent appeal).
Please contact our office to discuss whether an appeal is warranted in your situation.
Useful Links:
Charlotte Observer, Revaluation 101: How will 2023 change taxes on homes, property in Mecklenburg County https://www.charlotteobserver.com/news/politics-government/article264547381.html
Charlotte Observer, Charlotte region can expect increase in property tax value https://www.charlotteobserver.com/news/business/development/article263973821.html