For those of you at the lake that are within Mecklenburg County, you need to be aware that another tax valuation is in the works. The last time this happened was in 2019, so you can bet that values will go up again since the market has been robust in the last few years.
In 2019, the median home price in Mecklenburg County was $270,000. As of September 2022, the median home price is $349,150. This is an increase of $79,150. This means that we could probably expect the valuation for the median priced home to rise almost $80,000 when your tax bill arrives.
In 2019, the median home price in Lake Wylie was $349,900. As of September 2022, the median home price is $427,678. This is an increase of $77,778. Keep in mind that the Lake Wylie numbers also include homes not in Mecklenburg County, but they do show that homes near the lake have values typically higher than the whole of Mecklenburg County, but that prices have risen around the same amount.
The real thing we need to know is what will the tax rate be? Mecklenburg County could keep the tax rate the same. The effect of this could be that your property taxes will go up since the valuation is expected to go up. Another option is that the rate would go up, this is unlikely since the property valuations will be going up and the county budget is not expected to rise dramatically. The last option is probably the most likely that the tax rate would go down. Values for homes have gone up significantly, but costs for government goods and services have not gone up dramatically so the tax rate will most likely go down.
Even if the tax rate goes down, that doesn’t mean that you will see a smaller tax bill. Costs have gone up, so you will probably see just enough reduction in your tax rate that taxes will go up, but not dramatically.
If you want to know more about the tax valuations or about buying and selling homes in the Lake Wylie Area, call us at 803-831-8588. You can view current listings and create custom searches on our website here.