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Cabarrus County is expected to begin mailing out new property tax values later this month.
Meanwhile, the (Concord) Independent-Tribune reports county leaders must now decide where to set next year's tax rate.
Cabarrus last reset property values in 2008 before many areas experienced major declines in home prices and sales. The size of the county's overall tax base is expected to shrink under the new revaluation, according to a report given to Cabarrus commissioners at their recent retreat.
The expected decline would cause the county to raise about $17.6 million less in property taxes under the current tax rate, according to the Independent-Tribune.
The current tax rate in Cabarrus is 63 cents per $100 of assessed value.
According to the Independent Tribune, officials are debating whether to cut county services to make up for the loss in revenue or increase the tax rate.
Learn more: Cabarrus website on revaluation: http://bit.ly/zfLgnx
Independent-Tribune: http://bit.ly/weyLaL
