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In relocating to Charlotte or the Charlotte area, few subjects receive more consideration than property tax rates. The Union County property tax rates are particularly attractive because of the low budgetary requirements in this largely rural county. For newcomers from major metropolitan areas, the property taxes are a small fraction of their previous property taxes. The table and calculations below illustrate the point.
Property tax rate is a percentage per $100 of property tax value (assessed value). For any property 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.
For example, a property in Weddington would be subject to a county rate of 0.6650, a town rate of 0.0300 and an Other District of 0.0428 for a total rate of 0.7378. 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 0.8750.
A home with a tax value of $150,000 would be calculated as follows:
$150,000/100 x 0.7378= $1,106.70
(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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