If you've bought or sold recently in Charlotte...

[megan722]

I disagree that there is no correlation. You are being assessed tax values based on what your property is worth. If you could not sell it for that, how can the county/city claim that the "worth" is higher? Though the reverse is also true. In the past we've been spoiled by rising housing prices while our tax values plumetted in comparison. Now we are crying foul because the bubble popped. It is natural to want our cake and eat it, too.

[msm_teacher]

Originally Posted by megan722

I disagree that there is no correlation. You are being assessed tax values based on what your property is worth. If you could not sell it for that, how can the county/city claim that the "worth" is higher? Though the reverse is also true. In the past we've been spoiled by rising housing prices while our tax values plumetted in comparison. Now we are crying foul because the bubble popped. It is natural to want our cake and eat it, too.

Because of NC State Law (NCGS 105-287(b)(2)).

[lovesMountains]

Originally Posted by uncharch7

If you've read the other posts in this thread, actually, it does. There are several correlations that can and are being drawn from it. Not an exact science, but when it comes to appraisal value, it's giving me the numbers I need to figure finances for this new house.

In addition to the numbers being given in this thread, I'm pulling recent sales in the area we're looking to buy... many in the past 6 months are coming in about 5% above tax value, which means their appraisals had to be reasonably close in order for the sale to go through.

Not to disagree, but this is really not a good plan.

Depending on where specificially in the city a house is (more desirable location or less desirable location) AND how old the home is, tax value can be MUCH lower than actual market value, even in this tough economy with the adjustments we've seen in the market.

You are really just playing a guessing game if you try to use the tax value right now to help you determine market value in any way.

The only real way to determine market value (or what the market will bear) is to use the most recent comps (or sold for prices) of the nearest homes to the one you are interested in.

[Keith Roe]

This will be a real interesting discussion when the city does it's tax value re-assessment next year!!!!

[Charlotteborn]

Keep in mind that property is assessed for tax purposes as of a specific date (Mecklenburg County was January of 2003). If your property is worth less today than it was in Jan/2003 you would still pay based on the 2003 assessment.

The tax dept/office knows that many homes are worth less than they were Jan/2003 - thats why they are waiting until Jan/2011 to revise the values (they are required by law to reassess every 8 years).

My guess is that many of our tax values will be lowered but the tax rate will go up in 2011......either way - most of us will be paying more.