The assessed value of some of Mecklenburg County’s most high-profile shopping centers and malls declined or was mostly flat in the most recent property revaluation, while the value of most homes surged.
SouthPark is Charlotte’s most exclusive shopping mall, with high-end brands like Tiffany and Gucci.
But SouthPark saw its assessed value drop from $323 million in 2019 to $274 million.
While SouthPark is still considered a strong retail destination, Northlake Mall in north Charlotte has struggled. There have been three shootings there in a little more than three months. The Apple store recently closed abruptly.
Northlake also saw its property value decline, from nearly $150 million to almost $134 million.
Carolina Place — Mecklenburg’s other enclosed mall — also saw its property value decline.
The valuations — released by the county on Friday — highlight the impact of online shopping and the pandemic has had on traditional brick-and-mortar retail.
And they show how homeowners will now have to pay for a greater share of the overall tax bill, for things like schools, police, and trash collection. Homes in Charlotte’s so-called “crescent” — an area of historically low-income residents near uptown — saw the largest percentage increases.
Overall property values increased by 51% over the last four years. The increase in commercial property — which includes retail and office — was less, at 42%.
It’s possible that the assessed values of those shopping centers and malls may decline even more if the property owners appeal. After the 2019 assessment, there were numerous appeals, many of them successful.
For instance, the county initially assessed Northlake Mall in 2019 at $220 million. The final assessment that year: Just under $150 million.
Attorney Larry Shaheen, who handles property valuation appeals, said he expects the owners of retail centers to seek even lower assessments.
He said he expects the owner of Northlake — California-based Starwood Capital Group — will appeal, based on the financial distress the mall has seen. Two years ago, Northlake's owner failed to make debt payments on the mall.
“There’s no way anyone would pay ($134 million) for that mall today,” he said.
Other shopping centers, like the Arboretum in south Charlotte, saw small increases.
And Charlotte Premium Outlets in southwest Charlotte saw its value rise slightly, from $134 million to $139 million.
Here are the tax assessments of some other prominent Mecklenburg buildings:
- The Bank of America Corporate Center — Charlotte’s tallest and most iconic skyscraper — saw its value increase to $369 million from $353 million.
- The ”jukebox” building in uptown — the previous home of Wachovia, and now Wells Fargo — has been assessed at $305 million. That’s up from $263 million in 2019.
Wells Fargo, however, has announced it's leaving the building at the end of the year.
- Bank of America Stadium is at $270 million up from $215 million in 2019. Four years ago, the Carolina Panthers and the assessor’s office had a lengthy back-and-forth over how much the stadium is worth.
Meanwhile, the value of homes in once low-income neighborhoods near uptown have surged.
Washington Heights is off of Beatties Ford Road, just north of the Brookshire Freeway. A look at a dozen homes on Booker Avenue shows their taxable value has increased 136% since 2019.
If you compare their values to 2011, some homes have increased by 400%.
Correction: The original version of this story had the incorrect amount of the 2019 tax value of Bank of America Stadium.
