East Lake Norman News

Town of Mooresville issued the following announcement on Feb. 13.

In February 2023, property owners in Iredell County began receiving their reappraisal letters. The Iredell County Board of Commissioners conducts a reappraisal every four (4) years to “equalize the tax burden among property owners and among all classes of property.” Revaluation is done by the County, who hires a firm to research sales and establish new property values and the Town has no input into or control over that process. These new assessed values are used in calculating tax bills for all property owners, including those that live within Town of Mooresville limits. 

The new assessed value is half of the equation that determines what ends up on a property owner’s tax bill. The other half of the equation is the tax rate. As the Town receives final numbers regarding the assessed value for the entire Town, Town staff and Elected officials will be contemplating an adjusted rate that will lower what would otherwise be a large increase in tax bills for Mooresville residents. Due to increased operating costs, it is unlikely that anyone will receive a lower tax bill than they have received in years past. However, some of the large increase in assessed values may be mitigated by an adjustment to the tax rate. The Town will share more information with residents as soon as possible. 

Original source can be found here.