I got several pieces of helpful feedback yesterday in regards to the tax revaluation. My virtual friends first shared with me that the easiest way to look up the new tax values is to do so at the Real Estate Lookup site. You can find what the tax value was and also what the closing sale price was.
Of course, my friend GCharlotte, the resident data guru for all of Mecklenburg, supplied me with a spreadsheet with all the values of all the units. Thank you GCharlotte!
An example of one unit was a sale price of 1,130,000 and a tax valuation of 971,300. This is about 14% less. I have a lower priced unit that was actually 7% higher than contract price. But that was an outlier, not the norm. Virtually all the units had tax valuations less than contract price.
The question I posed to folks that contacted me was how relevant are these tax values to what the units are really worth in the open market? The answer was ‘not very relevant.’ While in other states and areas the tax value would be what you actually paid for the unit, here it is more like pulling values out of a hat. In other words, since ultimately these values will be tied to what taxes you pay, you should be wishing for the lowest value you can get your hands on. In other words, as one broker put it, Vue owners should be doing cartwheels if their tax value is less than their purchase price. So if you are in the vicinity of the Vue today and you see some gymnastics demonstrations going on, you’ll know why!
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