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Old 04-04-2013, 12:50 PM
 
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Whoops. The county can absorb this a lot better than those on the lake. I wonder what the real net loss or gain for residents will be compared to say Myers Park which will have the rest of Charlotte absorb it's adjustments.

Lake Norman Citizen | Reval review could hit Cornelius hardest

Also:

Mecklenburg County property tax revaluation bill clears House hurdle | CharlotteObserver.com
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Old 04-04-2013, 02:24 PM
 
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You seem to keep suggesting that unfair valuations of property are to be accepted and applauded. I'm not sure why anyone would want this.

The real issue here, of course, is government spending money that it does not have.
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Old 04-04-2013, 02:32 PM
 
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Kinda confused by this line:

"Out of roughly $4.9 billion worth of property that lies within the town limits, $2.4 billion is subject to review."

Does that mean they are not doing the reval over for the whole county?
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Old 04-04-2013, 08:25 PM
 
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Quote:
Originally Posted by GoPhils View Post
Kinda confused by this line:

"Out of roughly $4.9 billion worth of property that lies within the town limits, $2.4 billion is subject to review."

Does that mean they are not doing the reval over for the whole county?
I believe the reval is only being done in areas with the biggest discrepancies over the whole county. Cornelius, due to the volume of lake front property of highly variable value, has about 50% of it taxable real estate value subject to review. I think the OP was insinuating that this means the town is in pickle and its ironic because the reval outcry came from here. But, Cornelius has the lowest combined property tax rate in the Charlotte MSA. City of Charlotte is $1.22 per $100 of value while Cornelius is $1.03. So I don't think its big deal.

What is ironic is that while the whole reval mess is playing out, property values are actually increasing rapidly, in some cases to the contested value due to low inventory and likely all over the county.
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Old 04-05-2013, 03:54 AM
 
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Quote:
Originally Posted by kby1108 View Post
I believe the reval is only being done in areas with the biggest discrepancies over the whole county. Cornelius, due to the volume of lake front property of highly variable value, has about 50% of it taxable real estate value subject to review. I think the OP was insinuating that this means the town is in pickle and its ironic because the reval outcry came from here. But, Cornelius has the lowest combined property tax rate in the Charlotte MSA. City of Charlotte is $1.22 per $100 of value while Cornelius is $1.03. So I don't think its big deal.

What is ironic is that while the whole reval mess is playing out, property values are actually increasing rapidly, in some cases to the contested value due to low inventory and likely all over the county.
LOL, I was afraid this might be the case. So chances are they could raise everyone's property taxes so they can afford to refund people who happen to live in some randomly selected neighborhoods, and won't even re-reval the whole county to correct the many other issues that I'm sure are out there...
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Old 04-05-2013, 05:39 AM
 
Location: NC
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Inventory appears low because banks are staggering the inventory of foreclosures that come available. Careful catching the knife.....
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Old 04-05-2013, 08:41 AM
 
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Originally Posted by frewroad View Post
You seem to keep suggesting that unfair valuations of property are to be accepted and applauded.
My, you are the storyteller. So much easier to spin yarn than ask a question. Your interpolation skills form my wondering are incredible. Explains a lot about your posts in general. I'm going to bookmark this.
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Old 04-05-2013, 09:01 AM
 
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Quote:
Originally Posted by GoPhils View Post
Kinda confused by this line:

"Out of roughly $4.9 billion worth of property that lies within the town limits, $2.4 billion is subject to review."

Does that mean they are not doing the reval over for the whole county?
Here's what the bill says:

---

A board of county commissioners shall either (i) conduct a reappraisal, using no less than one person certified by the Department of Revenue for mass valuations per 4,250 parcels, pursuant to G.S. 105‑286 within 18 months, applicable to all tax years from and including the tax year when the last general reappraisal was performed pursuant to G.S. 105‑286 or (ii) have a qualified appraisal company conduct a total review of all the values in the county by neighborhoods and make recommendations as to the true value of the properties as of January 1 of the year of the last general reappraisal performed pursuant to G.S. 105‑286. After the reappraisal or review required by this section is complete, the board of county commissioners shall make any change on the abstracts and tax records to ensure that the assessed values of incorrectly appraised properties in the county reflect the true values of those properties effective for the year of the last general reappraisal performed pursuant to G.S. 105‑286 and shall apply the adjusted values for those properties for each tax year until the next general reappraisal for real property is performed by the county pursuant to G.S. 105‑286, unless those adjusted values are changed in accordance with G.S. 105‑287.
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Old 04-05-2013, 09:03 AM
 
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Quote:
Originally Posted by kby1108 View Post
What is ironic is that while the whole reval mess is playing out, property values are actually increasing rapidly, in some cases to the contested value due to low inventory and likely all over the county.
Could be but any adjustments would be based on 2011 values and by the time this mess settles down they'll have to do it again which might have been the best thing to do in the first place.
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Old 04-05-2013, 09:05 AM
 
5,150 posts, read 6,663,593 times
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Quote:
Originally Posted by GoPhils View Post
LOL, I was afraid this might be the case. So chances are they could raise everyone's property taxes so they can afford to refund people who happen to live in some randomly selected neighborhoods, and won't even re-reval the whole county to correct the many other issues that I'm sure are out there...
Well, they wouldn't raise the taxes of those they are lowering but the rate is another matter. What is bad for the lake is that because of their size they have to absorb their town losses in a more concentrated fashion.
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