****EDITED ON MARCH 7TH 2024 – I had the opportunity to attend a meeting where I got to listen to members of the tax and budget teams. A very important take away is that lowering our tax rate is on the table. Both Mecklenburg and Rowan (and I’m sure others) lowered the tax rate when their properties were reassessed. I will use our personal home as an example. Our previous tax value was $280,000. It is now $430,000. With us being in city limits, our total tax rate is 1.22% (.74 for county and .48 for city). Should that rate remain the same, we are looking at a tax increase of $1830 a year ($152.50 a month). From what I have gathered, there is talks on reducing the county rate from .74 to .5361. This would then increase our taxes $953.23 a year ($79.44 per month). Hopefully that is the decision they come to. The new fiscal year starts July 1st, so a decision will be made by then.
Regardless of whether they lower the tax rate or not, if you have a mortgage on your property, you WILL have a negative balance when they pay your taxes this year. Be sure to reach out to your service provider so you know your options. END OF EDIT****
If you live in Cabarrus County, you may want to take a look at 2024’s tax assessment. Cabarrus County reevaluates the tax values every four years. Unless you’ve lived under a rock, you know what the Real Estate market has done within the last 4 years. Now, I knew this was coming. But nothing prepared me for actually SEEING how much our Cabarrus County property taxes went up. I live within the city limits of Concord, so in the video below where I talk about my personal home, this is based on a 1.2% rate.
I also explain in the video that some surrounding counties like Mecklenburg and Rowan lowered their tax rate a little bit to soften the blow. I have not heard anything as to whether or not Cabarrus County will do the same.
Curious as to how much your Cabarrus County property taxes went up? Head on over to Cabarrus County Tax Website to find out.