How High Will Davidson Property Values Go?
Tuesday night, Brad Fowler, the assistant Mecklenburg County Assessor made a presentation at the Town Board Meeting. (as soon as the video from Tuesday night’s meeting is available, we will share the link here)
The bottom line should come as no surprise to homeowners, but it still might result in sticker shock. The Town of Davidson will see an average 49% increase in assessed property values. There is a 52% increase in residential property value, and a 25% increase in commercial property. Countywide, those figures are 52% overall, 60% residential, and 39% commercial.
Those notices will be mailed out in mid-March 2023.
It is important to note that homeowner property taxes, while based on the assessed value of the home, do not directly equate to that assessed value.
Actual taxes are determined by the county and town commissions when they set their annual budgets. Each of those governing boards will likely receive a “net neutral” option and an option to meet their projected budget costs. The Town of Davidson typically begins discussion of the annual budget in April/May. The budget must be approved by the start of the fiscal year on July 1.
For those who are thinking this revaluation is coming quickly on the heels of the last revaluation in 2019 – you are right. One of the things recommended by the tax assessor’s office was not waiting for the allowed 8 years to conduct the county-wide revaluation.
North Carolina general statute [GS 105-286] requires that the revaluation process be conducted at least every 8 years. However, waiting another four years would have likely resulted in even greater increases. The county commission agreed, and the process was set for a 4-year cycle.
Fowler also spent considerable time talking about the appeals process for homeowners who disagree with the bottom line.
He highlighted 4 easy steps for filing a review and emphasized that residents do NOT need a lawyer in the appeal process.
- Review your value
- Review the reasons for appeal and dates
- Fill out the form (online or print version)
- Submit the form via email, mail, online, or in person. He encouraged the online option.
- March 2023 – Notices of Value mailed to property owners
- March 2023 – Informal appeals period begins
- April 2023 – Board of Equalization and Review (BER) convenes
- June 2023 – BER appeal period ends
- July 2023 – Fiscal Year 2024 Tax Bill mailing to property owners
Fowler also talked about an online tool called “Modria.” This is the system that allows homeowners to file their informal review of their home value ONLINE. He walked through the process of how a homeowner can start the informal process with the County, specifically highlighting that the QR code on the form will take homeowners directly to their property file.
The presentation also included information about tax exemptions and exclusions. Elderly or disabled residents can apply (between January 1 – June 1) for exclusions of $25,000 or 50% of the taxable value on property up to 1 acre in size. The stipulations for the process include: property deed must be in the applicant’s name as of January 1, applicant must be 65 years old or totally and permanently disabled, and applicant must be a resident of N.C. and have an annual income less than $33,800.
Veterans with 100% service-related disability (or who currently receive benefits for specially adapted housing – 38 USC 2101) can get an exemption for the first $45,000 of the assessed value. The property deed must be in the veteran’s name as of January 1, the veteran must have earned an honorable discharge and be a resident of N.C. There is no age or income component of this exemption.