Let’s use this graph for the Charlotte market. Home prices in 2003 are lower than the prices is 2010. The graph seems to indicate this. I have been assisting homeowners with their appeal of the County real estate tax revaluation. This revaluation compares prices from 2003 to 2010. Real estate taxes in the Charlotte area, for the most part, will increase based solely on prices. If the politicians raise the tax rate, homeowners will be in serious trouble since this would further put a strain on their pocketbook.
The national news commentary discusses market generalities but each housing market must be analyzed on its own characteristics and community factors. For Charlotte, prices are certainly lower than the peak of the “bubble” but higher than 2003 – the last time real estate taxes were set by the county.
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