Charlotte NC Property Taxes--What You Need to Know
Charlotte NC Property Taxes—What You Need to Know
Considering a move to Charlotte NC? If so, you are probably interested in property taxes in Charlotte and the surrounding areas. Here are some questions that newcomers to Charlotte ask me about taxes in the area.
How are property taxes calculated in Charlotte NC?
Property taxes are calculated by adding the county tax rate and the city tax rate plus the tax rates for any special tax districts that apply to a particular property. This combined tax rate is multiplied times each $100 of a property’s assessed value to determine the year’s tax bill. The tax rates are set every June by the city and county governments.
How much would I pay in taxes for a home assessed at $200,000 in the Charlotte-Mecklenburg County area?
The 2009 tax rate for Charlotte is $1.2973 per $100. Matthews and Mint Hill have somewhat lower tax rates at $1.1712 and $1.1137 respectively. These rates include the Mecklenburg County tax rates. 2009 annual property taxes for a home assessed at $200,000 in these areas are shown in the table below.
| City of Charlotte | $2594 |
| Town of Matthews | $2342 |
| Town of Mint Hill | $2274 |
How do the property taxes in Union County and its small towns compare with the taxes in Mecklenburg County?
Tax rates in Union County are typically but not always lower than those in Mecklenburg County. Taxes for a $200,000 home are shown in the following article. Union County NC Property Taxes—How Much Will You Pay on a $200,000 House?
Will the assessed value of a property change when I purchase it?
No. The assessed value of a property does not change when ownership transfers. The assessed value changes when the county decides to do a reassessment of all properties in the county or when you improve the property, such as adding a garage or a swimming pool.
North Carolina requires that counties complete a reassessment at least once every eight years. They can reassess property more often than that and sometimes do so during times of rapidly rising values. Mecklenburg County is currently going through the reassessment process and new values will be issued for every property in January 2011. Union County completed its reassessment process in 2008.
Does North Carolina have any homestead exclusions?
Yes, there are homestead exclusions for certain qualifying individuals.
There is a Low-Income Homestead Exclusion for individuals who are at least 65 years of age or totally and permanently disabled subject to certain income eligibility requirements. If you qualify, you can receive an exclusion of the taxable value of your residence of either $25,000 or 50%, whichever is greater.
The Disabled Veterans Homestead Exclusion excludes from property taxes the first $45,000 of assessed value. There is no age or income requirement for this benefit but the veteran must have a 100% total and permanent disability.
Is it possible to defer property taxes in North Carolina?
There is a new “Circuit Breaker” program for deferring property taxes. This program is available instead of the Homestead Exclusion for the Elderly or Disabled Veterans. There are income limits of $150% of the income eligibility limit for the Homestead Exemption. Unlike exclusion, which reduces taxes owed, deferral postpones paying a portion of the taxes due until a future time, such as sale of the property.
What is the income eligibility limit for these property tax exclusion and deferral programs?
Set every year by the NC Department of Revenue, the 2010 income limit for exclusion is $27,100. The Circuit Breaker deferral limit cannot exceed 150% of this limit.
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Copyright 2010. Carol Fox. Allen Tate Realtors. *Charlotte NC Property Taxes—What You Need to Know*