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Real Estate Tax FAQs

Q
What is the assessment cycle for real estate?
A
The assessment cycle is the county's fiscal year which runs from July 1 through June 30.
 
 
Q
Why do assessed values change?
A
When market values change, so does assessed value. For instance, if you added a garage to your home, the assessed value would increase. Property in poor repair decreases in value.


Q
How is property assessed?
A
Virginia Law requires property assessments to be based on fair market value. Estimating the market value of your property is a matter of determining the price a typical buyer would pay for it in its present condition. Some factors the Assessor considers are:  what properties similar to it are selling for in the current market, what it would cost to replace it using current material and labor costs, how much it takes to operate and keep it in repair, what rent it may earn, and other factors that may affect its value.

The assessor does not create the value.  PEOPLE MAKE VALUE by their transactions in the marketplace.  The assessor has the legal responsibility to study transactions and appraise your property accordingly. 


Q
What is "Market Value”?
A
The amount a typical, well-informed purchaser would be willing to pay for a property. For a sale to represent market value, the seller must be willing (but not under pressure) to sell and the buyer must be willing (but not under any obligation) to buy. The property must be on the market for a reasonable length of time, the payment must be in cash or its equivalent, and the financing must be typical for that type of property.


Q
I've heard you develop values by computer, is this correct?
A
Just as in many other fields, computers are useful in the assessment process. Assessors are trained to look for relationships between property characteristics and market value. By coding these characteristics and studying sale prices, Assessors can estimate value by developing formulas and models. Computers are much faster and are capable of advanced analysis in this area. Despite these capabilities, common sense and Assessor judgment are always required to verify assessments. Assessors most familiar with the neighborhoods and properties review all assessments.


Q
How often does Mecklenburg County assess?
A
Mecklenburg County conducts a county wide general re-assessment every 2 years.  Detailed inspections are conducted for new construction, alterations, or upon request of the property owner.   


Q
Does the assessor determine the tax rate and the real estate tax?
A
No. The real estate tax rate is determined each year by the Mecklenburg County Board of Supervisors. 
 
Q
How can I calculate the tax on my assessed property?
A
Divide the assessed value by 100, then multiply by the tax rate.   


Q
Does Mecklenburg County offer tax relief for the elderly or military veterans?
A
No.
 
Q
Does the county offer real estate tax relief for disabled veterans?
A
Yes, Veterans must be Service Connected, Totally and Permanently Disabled.

Q
Why have a property tax?
A
Properties are taxed so our community has advantages such as schools, fire & police protection, and other public benefits. Each property owner pays a fair share of the cost, in proportion to the amount of money our individual properties are worth.
 


Q
My house wasn’t complete on July 1st, how was it valued?
A
All property in Mecklenburg is valued as it exists on July 1st of the current fiscal year. If a structure is not fully built on that date, a partial value reflecting the percentage of completion is used.
 


Q
What if I change my address?
A
It is the responsibility of the property owner to notify the Assessor’s Office in writing of any change in mailing address.  (Click here to download change of address form.)


Q
How can I change the ownership on my property?
A
The title on property can be changed via a recorded deed. The Assessor’s Office is an "office of record,” which means changes in ownership or property boundaries are done based on recorded deeds, surveys, subdivision plats, and other documents pertaining to ownership. Deeds must be recorded at the Clerk’s Office before the Assessor’s records can be modified to reflect any changes.
 

Q
My re-assessment notice or tax bill shows land value and improvement value, but I didn't make any improvements. Why do I have an imporvement value?
A
Improvement is the terminology used to identify any existing or new structure on the property.


Q
Does Mecklenburg County have a GIS site?
A
Yes. The address for the site is http://mecklenburg.gis.edsi.com/
 
Q
Where can I search assessment and ownership information?
A
http://mecklenburg.cama.concisesystems.com/Disclaimer.aspx
 
 

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