Charlotte Property Taxes | Property Tax Rates

Charlotte Property Tax

One of the most significant considerations for most people in relocating to Charlotte are the taxes, including property taxes. And the Charlotte region has lower property taxes that most other areas. Here is a primer on that.

Property tax is an ad valorem tax that owners are required to pay based upon the value of the property being taxed. In North Carolina property tax is a locally assessed tax, collected by the counties and past due each year as of January 1. The tax rate for each county is set by the county commissioners, based upon the taxable base for the county and the county's budgetary requirements.

North Carolina uses the relatively simple system of stating the property tax rate as a percentage per $100 of the property value (assessed or appraised). For example, for a home with tax value of $100,000 and a tax rate of .75 would have a tax bill calculated as follows:

                 $100,000/100 x .75 = $750

Many other states, including South Carolina, use the millage rate or mill levy in calculating property taxes. The resulting tax is the same using either the millage rate or the percentage of property value.

To maintain relative fairness and to stay current with real estate market all counties are required to conduct a reappraisal at least every eight (8) years. Most of the counties conduct their reappraisals on this time frame; however, a growing segment of counties conducts reappraisals on a four-year cycle. The Great Recession has affected property so signification that many county tax authorities feel compelled to speed up the reappraisal date.

For property tax rates in some of the counties surrounding Charlotte, click on the links below. (Go to the respective websites for counties not listed.)

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