From the Charlotte Observer, explaining why the city is suddenly surprised that property tax base is taking a significant hit:
Mecklenburg County Tax Assessor Ken Joyner told a Charlotte City Council committee that Pearson [Appraisal Services] had first examined property that appeared least problematic. Because the early properties examined didn’t change much in value, Pearson had estimated the total drop in taxable value would be about 1/2 percent.
When the revaluation was finished, there was a 2.2 percent drop in taxable value – a dip that has played havoc with the city’s budget.
The reason, Joyner said, is that Pearson waited until the end of the project to review commercial property that was expected to have large swings in value.
“The most difficult (properties) were still to come,” Joyner said.