Iredell County residents see big property value increases as revaluation notices sent out
Iredell County residents received notices in the mail this month detailing the newly-assessed value of their homes —and some were met with sticker shock.
The values are a result of the revaluation where the county assesses property values to redistribute the property tax base fairly and equitably. The revaluation aims to match a property’s value to the current market or the probable price a property would bring in a competitive and open market. Like Mecklenburg County, Iredell performs its revaluation every four years.
The revaluations look at both commercial and residential properties.
Some Iredell County residents took to social media to say their homes went up in some cases by hundreds of thousands of dollars. Iredell includes Mooresville, Statesville and towns farther north like Harmony and Troutman.
“Ridiculous for Troutman!” one woman posted on Nextdoor, saying her home value went up by $350,000.
Mecklenburg County plans to send out its revaluation notices by early- to mid-March, county assessor Ken Joyner has said. Mecklenburg property owners can expect to see large increases. The median increase for residential properties was 57%.
Here’s a look at what these new values mean — and what they don’t.
Big property value increases
Iredell County tax assessor’s office 2023 revaluation looked at 104,772 parcels. For reference, there are a little more than 400,000 parcels in Mecklenburg County.
Much like other parts of the Charlotte region, home values have been on the rise in Iredell. Home values grew 60% between early 2019 and the end of 2022, according to data from the Multiple Listing Service. Commercial values grew 40% during that same time period.
Iredell has a mixture of homes, from million-dollar properties that front Lake Norman to much smaller homes away from the water, said Mari LaPrelle, a Mooresville resident and longtime real estate agent.
LaPrelle has been hearing from several of her clients about increases in their new property values. Some are unsure how it might impact their wallets. She tries to work with them on looking at comparable home sales nearby to make sure the value on the county notice appears accurate.
One resident saw his home value jump $189,000. Another client’s home that closed at $800,000 is now valued at $1.1 million. Both those homes were built within the last couple of years or prior to the last revaluation.
“We haven’t seen those kind of (price) hikes,” LaPrelle told The Charlotte Observer.
Some homeowners, LaPrelle believes, have a good case to appeal to the county to change the value. Others likely won’t, based off similar home sales in their neighborhoods.
Higher values don’t necessarily mean higher taxes
The amount of taxes a homeowner pays depends on both your property’s value and the tax rate set each year by elected county and city/town officials, Fran Elliott, the Iredell County assessor, wrote to the Observer in an email.
That means that higher property values don’t necessarily mean you will pay more in taxes.
Tax rates are set during the budget season, typically around the spring or early summer. Tax rates set by local governments could be lowered in favor of a revenue-neutral rate — the rate needed to bring in the same amount of money as the previous year’s budget. By law, local governments are required to publish the revenue-neutral rate, but can choose to set it higher.
Appealing? Here’s what to know
Iredell County lays out valid and invalid reasons for appealing a property assessment. The main reason to appeal is if the assessed value “substantially” exceeds or is below the market value as of Jan. 1.
Another could be an error on the tax record card.
You can’t simply appeal because the taxes are too high or if you don’t have the ability to pay, among other reasons.
If you do believe you have a good case to dispute your assessed value, you can contact the county assessor’s office and file an informal appeal.
Informal appeals are reviewed by a real estate appraiser who will review the property as well as any supporting information. The property owner will be contacted with results. The owner can accept those results (if a change in value was warranted). Or, the owner can appeal to the Board of Equalization Review.
The board convenes on April 27, meaning any appeals received after that date are not eligible for an informal review, according to Elliott. Those appeals will need board approval before a change in value is finalized. The board adjourns June 5, the last day the county can accept an appeal.
As of last Thursday, Iredell County had received 375 appeals, Elliott said.
This story was originally published February 15, 2023 at 7:00 AM.
