CABARRUS COUNTY, N.C. — Cabarrus County is in the middle of its latest property tax revaluation - something that's required by North Carolina law at least every eight years.
Cabarrus County is among those to complete the process every four years.
The county tax assessor provided an update at Monday night's board of commissioners meeting on their efforts.
Based on their assessment so far, taxpayers will have a new rate to pay, but it’s unknown right now what that tax rate will be. County commissioners will have to come up with a tax rate as they work on the county budget.
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Residents have received notices about their property value changes. Many who spoke at Monday night's meeting were not happy about it and how it could potentially impact their taxes.
Some said they simply can’t afford an increase, especially with other monthly bill hikes and inflation.
"I’m sure everybody in here understands that if they have to pay these kind of taxes, the inflated prices that you guys are suggesting, a lot of people are going to move to a different area," Kenneth Metcalf, a resident, said at the meeting.
There’s also concern about seniors who live in the community getting priced out of living in Cabarrus County altogether.
"There’s a man that’s got a house in Mount Pleasant on Highway 73 worth $60,000," Ray Helms, another resident, said. "You know what his tax bill or tax rate went up to? $197k. He said, you walk in the house, look over there to the right, you can see the ground. Now, do you think the tax assessor is going to bring it down?"
The county's current property tax rate is 74 cents per $100 assessed value. With that rate, owners of a $217,000 house, which is the median single-family assessed home value in Cabarrus Co., would pay $1,606 a year in property tax, according to the county.
Board of Commissioners Vice Chair Lynn Shue said the process to set a new rate is still well underway, with commissioners considering rising expenses -- including the cost of school and other improvement projects.
"Properties have increased in value. That's just the way it's been for Cabarrus County. We're the third fastest-growing county in North Carolina," Shue said. "All we are is grab money and spend money and all of that. No, that's not the intention at all. We know that the school system, they're asking for a billion dollars. And for us, that's a $33 million debt payment each year for 20 years. Now, where do we come up with $33 million?”
While homeowners can appeal their revaluations, some question why the county's current property tax is higher than neighboring communities.
"I can’t understand for the life of me how Mecklenburg [County] has a lower rate than Cabarrus County," Mason Thompson, a Cabarrus County resident, said. "And you're asking the taxpayers to sustain a higher rate than that."
The Mecklenburg County property tax rate is 47.31 cents per $100 of assessed value.
"These other counties have already had their revaluation and therefore they have reset their tax rate and see we haven't done that yet," Shue said. "Our tax rate is the same as it's been for four years now - 74 cents. But, usually, whenever you have a revaluation you do a reset on the tax rate at the same time."
The Cabarrus County tax administration is urging residents to search and compare other property values, appeal if they feel their property value is incorrect, or sign up for tax relief through the state.
More information about these options can be found on the county website.
Once the revaluation is complete, the new tax rate will be calculated in the spring months and finalized by early summer.
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