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In relocating to Charlotte or the Charlotte area, few subjects receive more consideration than property tax rates. The Charlotte-Mecklenburg property tax rates are particularly attractive because of the low budgetary requirements. For newcomers from major metropolitan areas, the property taxes are only a fraction of their previous property taxes. The table and calculations below illustrate the point.
The property tax rate is a percentage per $100 of property tax value (assessed value). The rate is the sum of rates imposed by all municipalities with taxing authority over the property, e.g. city, county, school, fire district, etc.
A property in Charlotte would be subject to a city rate of 0.4586 and a county rate of 0.8387 for a total rate of 1.2973. The tax bill for 2010-2011 is calculated by dividing the tax value of the property by 100 and multiplying by the tax rate of 1.2973.
The calculations for a home with a tax value of $150,000 are as follows:
$150,000/100 x 1.2973 = $1,945.95
Note that the county tax rate is greater for property in an unincorporated area in Mecklenburg County. Also, Charlotte has 5 Business Districts with taxing authority. (Any property in Area 99 may be subject to this extra rate.) Call 704-336-4600 to verify the appropriate district & additional tax.
(In North Carolina, Millage rate is not used to calculate taxes. However, for comparison, the millage rate is equivalent to the tax per $1,000 of assessed value. For example, if the millage rate were 200 mills and the assessed value of the property were $1,000, the tax on that property would be $200.)
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