When is the last time you took inventory of your closet? If it’s been a while you probably have pieces that make you laugh from great memories of wearing them. You could have pieces that are so dated you can’t believe you ever bought them. And, a lot of you will have a few pieces that have tripled in valued.
Investments tend to grow in value as time passes. I love that when it comes to my clothes! And, my friend and stylist, Kristin Heinrich, who can also rock a serious LBD, is the BEST at helping me figure out what pieces are worth investing in and what should get be tossed out after a good laugh.
However, when we see our taxes increase as part of an investment growth our pocketbooks moan; and not with buyer’s remorse. They moan with… but I wanted the new Gucci bag!
Right now, my Mecklenburg County readers are getting their tax revaluation letters in the mail. Please note first and foremost, this is just an appraisal. This is NOT a bill. This represents the fair market value of your property. The last time this was done is 2011 and it was done so poorly that 100 million dollars had to be returned to Mecklenburg County citizens.
My post is not here to answer any of the governmental questions behind the appraisals, timing, and other such matters. Luckily, the woman who represents my district in Mecklenburg County, Susan B. Harden, dedicates a section of her website to answering your questions. You can find that by clicking here. If you want in-person time with Commissioner Harden, she is hosting events Feb. 2 and February 16. Click here for more information on those.
My post is here to help give additional information from a real estate and mortgage lender perspective.
Question: What is the most asked question from the revaluation process?
Answer: The biggest question we’re getting, once the shock of the appraisal is seen, is when to seek professional help and when to seek public service (County Government) help. Start by filing an informal review and you can learn how to do that here. Let your tax dollars work for you and see what you can learn going through this process. You all know I’m available to help answer questions. And, my husband is an appraiser and he can help with your value.
Question: Why is a property value increase good for Mecklenburg County?
Answer: It means our community is thriving. People want to live here and we have plenty of business to support them. We have strong public and private schools, great workspaces for all ages, and plenty of potential to grow more. It’s a great time for you as a property owner!
Question: What services can Lending By Design offer during the revaluation season and after it?
Answer: We can connect you with appraisers or agents that can review and help with value. We can also take a look at your current mortgage structure to see if the increase in value will be beneficial in restructuring or refinancing your loan by paying off a second mortgage or dropping mortgage insurance , lowering your amortization period, among other things.
No… this wasn’t as fun as cleaning out your closet, but I want to give you the best advice I can. The LBD is about being smart and chic. This post gave you both. Right? So share it with your friends. And tag me!
PS – Have you hugged your favorite security guard lately? You should. It’s the LBD way!