How Are Property Taxes Calculated on a Home in Charlotte, North Carolina?

Each week, Mansion World poses a tax query to actual property tax attorneys. Right here is that this week’s query.

Q: What are property taxes like for properties in Charlotte, North Carolina?

A: North Carolina has no state property tax, which means that property tax charges are set and picked up by its counties. Charlotte is situated in Mecklenburg County, which has a flat property tax fee of US$0.6169 per $100 of assessed property worth, mentioned Erin Rozzelle, managing lawyer at Shepard Legislation, primarily based in Charlotte. 

The assessed worth of the property is set by the county tax assessor’s workplace. To maintain updated with market worth, the state requires all counties to conduct a property re-evaluation not less than each eight years, however some counties, together with Mecklenburg County, perform reassessments each 4 years to cut back the probability of steep market will increase.

Along with the county property tax, owners in North Carolina may be topic to municipal property tax, with charges decided by town or city. The town of Charlotte has a property tax fee of $0.3481 per $100 of assessed worth. Mixed with the Mecklenburg County fee, this implies most owners in Charlotte pays a complete tax fee of $0.9650 per $100 of assessed worth. Flat tax charges apply to all properties, no matter worth, and second-home homeowners in Charlotte pay the identical fee as main residents. 

For instance, to calculate the taxes due on a $650,000 dwelling in Charlotte, the proprietor would divide the whole worth by 100 to establish the millage fee—the unit by which taxes are calculated—after which multiply the whole millage by the county and municipal tax charges. The annual county property tax invoice can be $4,009.85 and the municipal tax invoice can be $2,262.65, for a mixed whole of $6,272.50. 

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Mecklenburg County completed its most up-to-date evaluation of property values on the finish of 2022 and the present tax charges are fastened till July 1. New tax charges are anticipated to be set in response to the latest revaluation and can apply to the 2024 fiscal 12 months. 

“The payments come out towards the tip of the 12 months, as a substitute of the start of the 12 months, which is just a little odd,” Ms. Rozzelle mentioned. “Most individuals who transfer right here from different states are just a little bowled over by that, however in North Carolina, usually talking, the tax payments come out within the fall and so they’re due by January of the following 12 months.” 

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