Some residents concerned rise in property values will lead to higher bills

Cabarrus County leaders gave an update Monday night on the revaluation process after many people saw a significant jump in their property’s assessed value when they received their notices.

Increase in property values shocks some homeowners

It’s all about how much the county considers homes to be worth.

Cabarrus County residents are alarmed by the assessments they are getting in the mailbox.

The Cabarrus County tax assessor made a presentation to the commissioners and residents Monday night after thousands expressed dismay over the county’s assessment of their homes.

“There are people that can’t afford $100 more,” resident Ray Helms said.

Those notices are not bills.

The tax assessor said the increases in assessed value appear so massive because they reflect the real estate market over the past four years.

Some homeowners might see their tax bill drop while others go up.

Tax assessor David Thrift said commissioners can set the rate to revenue neutral, meaning the county will bring in the same amount of cash as last year.

However, if that happens, some people’s bills will still go up.

“Revenue neutral does not indicate everyone’s tax bill will stay the same,” Thrift said.

Some residents called on Cabarrus County to go below revenue neutral like Gaston County did last year.

“If my tax rate goes up, I have to take less money out of my budget to make things meet,” resident Mason Thompson said.

Property owners cautioned that excessive tax rates will not only impact homeowners but also renters as the cost will be passed on to them.

“These people are going to be seeing $200-, $300-a-month rent increases and I don’t know if they can afford it,” resident Charles Stapleton said.

Cabarrus County commissioners and other municipalities must set their tax rates, ultimately determining how much residents must pay.

It will be months before commissioners set their budget. Commissioner Chris Measmer said he wants to look for items to potentially cut.

State law requires tax assessments to be conducted every eight years but Cabarrus County like Mecklenburg County, does them every four years instead.

Click here to go to Cabarrus County’s website on tax revaluation.

This is just the beginning of the process.

If residents believe their property value is incorrect, they can request an informal review with the Cabarrus County Tax Assessor’s Office.

If they aren’t happy with that review, they then take it before a board.

VIDEO: Increase in property values shocks some homeowners