Many home buyers look at the difference in "List Price" and "Tax Value" to determine if they are getting a fair, good or great deal. This is a difficult rule to utilize. North Carolina Counties assess the Tax Value every 4 to 8 years. The assessment is based on recent comparable sales. Charlotte/Mecklenburg County was due for an assessment prior to the economic downturn. Charlotte's last assessment was done in 2003! Considering the Real Estate market, that was a life time ago!
The 2003 Charlotte Real Estate market was still experiencing a healthy, slow and steady growth pattern. The demand was present but our market remained calm. In 2005 the hurricanes hit the Gulf Coast. Charlotte Real Estate experienced a surge from many Floridians and also many from the northeast. As we experienced this surge, the new home building craze struggled to meet demand.
Then the sub prime market began to crumble. Charlotte was one of the last areas to be impacted since those homes that were selling throughout the nation still produced enough new home buyers in Charlotte. Eventually our market stalled. Where are our market values today?
Charlotte, like all cities, have areas of more demand than others. Those areas of higher demand experienced modest gains since 2003. Other areas have also dropped significantly since 2003. I share Mecklenburg County as an example. Each county is different. Union County reassessed in 2008 and many of their property values are reasonably close.
South Carolina Counties assess property values every 4 years and the State dictates the the year for each county. This provides less ambiguity and consistency. You still must keep in mind that a four year old assessment can be very inaccurate today.
Speak to an experienced Realtor that understands market values and I will help to assure when purchasing Charlotte Area Real Estate, we find you the best deal possible!