Greater Charlotte Real Estate Property Tax Values

Property taxes and Assessed Tax Values of Property is a huge concern and lends to much confusion when relocating to North and South Carolina! Consider property taxes to be "market value" at a random time. What?

Let us begin with North Carolina. North Carolina requires each county to reassess values (basically to update market values) every 4 to 8 years. Naturally, the values on homes 6 or 7 years ago may be very different. Each NC County decides when and how often to assess their property. For example, Mecklenburg County reassessed for 2011. This includes Charlotte, Huntersville, Cornelius, Davidson, Matthews, Pineville and Mint Hill. The tax values should be close to fair market value of the home.

To the south in Union County, the last assessment was in 2008. This was when the economy began to falter. These values are lower than they would have been in 2007 but still not reflective of today's true market value. The County rejected a plan to reassess in 2012 so the current values will stand for at least another year.

Cabarrus County also last reassessed in 2008, Iredell reassessed in 2011 and Gaston County reassessed in 2007. Keep this in mind as you compare "list price" to "tax value". Gaston County provides a great baseline to how much the market has changed since 2007. Expect to pay closer to tax value in Iredell or Mecklenburg County but keep in mind these assessments are not actually appraisals.

Each county assesses based on "Mass Property Evaluations". There is a good possibility that certain facts are not truly factored in such as updates, recent changes, redistricting of schools and other real factors that determine property values. The assessments are typically close but do not rely too heavily. I have seen the tax records exaggerate the square footage (typically not considering 2 story great rooms and foyers) along with underestimating square footage (not realizing the basement, attic or sun room is now finished.

South Carolina Property taxes are different. The assessments are every 5 years and your primary residence has a lower tax rate than investment homes (does not impact assessed value but does directly impact your pocket book. I will leave that for a future blog.

When considering Charlotte area real estate, be sure not to weigh too heavily of tax value. Tax value can be helpful when comparing within the same county as a base line. There are many factors to consider to assure you are getting a great property value. Visit Charlotte Real Estate or Charlotte Homes for Sale to consider your understanding of greater the greater Charlotte Real Estate market!

Charlotte Real Estate Property Taxes

There are a multitude of reasons for people relocating to Charlotte Real Estate. One large factor and concern are property taxes. Many major cities have outrageous property taxes that ultimately hurt your home owners and tax payers. Charlotte is more equitable than that. Charlotte Real Estate Property Taxes are higher than the surrounding areas but taxes are still relatively cheap.

As you consider relocating, you should also consider Fort Mill SC Real Estate. South Carolina recently revamped how their schools are funded. South Carolina Schools are now funded via the sales tax and the lottery. The concerns are that now the state has control of funding (as opposed to each school district). So far the system has worked well and Fort Mill continues to grow rapidly and their school academics are some of the best in the state. Now consider that you are paying lower property taxes for your quality of life.

Charlotte Real Estate does have higher taxes but if you consider he convenience of commuting and amenities, the difference in property tax is not too significant (especially considering the cost of gas).

Regardless of where you choose to call home, the greater Charlotte Real Estate market provides a multitude of options.