WAXHAW, N.C. -- People buy homes in the Millbridge neighborhood because it is quaint, has good schools and lower taxes.
Colin Albert bought a home in 2010, and he admits he got a screaming good deal on his house. Albert says his taxes don’t reflect the deal he got in a slumping housing market, and he feels they should.
“How did they come up with that number, and why is it so different than the actual value that the house sold for,” he asked.
When you buy a house, you have to pay property taxes. That is the way the system works. But the rub here is that when the county did it’s re-evaluation in 2008, these homes weren’t built.
So Albert’s question really is this: How did the county come up with a property tax on a home that wasn’t here?
In Colin’s case, his property tax is based on $329,000, but he paid $90,000 less than that to buy it.
Could he sell it for the assessed value today?
“I don’t think there is any home in this neighborhood that would sell for its assessed value,” Albert said.
John Petoskey is the Union County Tax administrator and he says the rate you are paying now is a snapshot in time. That time? January of 2008, which means homes built and sold after will reflect that month in that year.
We asked Petoskey if it does any good to fight it?
“If they have data that is current market data then no, it won’t help. But if they can show that their home was overvalued on January 1, 2008, then maybe they do have a case,” Petoskey said.
In Colin’s case, he will get another bite at the tax apple when Union County re-evaluates property taxes 2016.
Based on current market trends, his taxes will likely drop.
