A public hearing about the schedule, standards and rules of the 2011 countywide property revaluation will take place during Wednesday’s meeting of the Mecklenburg County Board of Commissioners.
The public will have until Dec. 17 to challenge the validity of the schedule, standards and rules before they become effective Dec. 18.
The 2011 revaluation will be the first conducted by the county since 2003. North Carolina law requires that a county reassess property values at least every eight years. Mecklenburg County’s assessor’s office had scheduled a revaluation for 2009 but postponed it because it expected home values to continue to decline because of the housing crisis, revaluation manager Chuck Hicks said.
County Assessor Garrett Alexander estimated that property values have increased by 10 to 12 percent since the last revaluation in 2003.
The value of a property will be determined using sales prices of nearby comparable properties as well as other factors, such as the cost to build the same structure today or features, such as pools, that might raise or lower the value.
The Board of Commissioners will use the new values when setting the property tax rate in June.
Also Wednesday, the board will also receive information, requested at its Oct. 19 meeting, about the Library Task Force’s budget so that the commissioners can vote on whether to approve a $75,000 appropriation out of the county’s contingency fund. The task force has already received $150,000 in funding from the Foundations for the Carolinas’ Community Catalyst Fund.