LEE COUNTY: Residents may receive new property values next week
Lee County residents can begin checking their mailboxes for their new assessed property values as early as next week, based on this year’s property tax revaluation.
Feb. 15 is the target date to send the new property values out to residents, said Lee County Tax Administrator Mary Yow, which will also include information on how to submit an appeal.
A property tax revaluation is required every eight years by state statue, Yow said, and the county revaluation ensures property values are aligned with what the property is worth in the current marketplace.
Residents have 30 days to submit an informal appeal with one of the tax department’s appraisers, she said. If an agreement can’t be reached at that level, she said, a resident can officially appeal to the Board of Equalization and Review.
Based on other other counties that have completed property tax revaluations, more appeals have been filed than ever before, said Lee County Manager John Crumpton.
In Mecklenburg County, close to 30 percent of the assessed properties were appealed, he said.
“I think more people are active in the appeal process because of the economy,” Crumpton said. “They are paying better attention to what their values are. It is a sign of the times.”
Based on the property tax revaluation, the county is projecting to stay revenue neutral — meaning the county will not have to raise or lower the property tax based on revenue increases or decreases, Crumpton said. Some members of the Lee County Board of Commissioners have discussed, however, lowering the property tax rate from its current 75 cents per $100 of valuation.
“Based on the numbers we have so far, we will not be able to lower the rate based on the revaluation numbers,” Crumpton said. “A lot will depend on March 15.”
By mid-March, the county should have a strong estimate of any adjustments due to appeals, he said.
While every neighborhood is different, Crumpton said, residential properties will generally go down in value while commercial and industrial properties will see increases.
“In a revaluation, you have a distribution of the burden,” he said. “So we’ll have people happy and people unhappy. That is [the case] with every revaluation.”
More information on the property tax revaluation is available in an insert in today’s edition of The Herald.