Charlotte, North Carolina Property Taxes
The median property tax rate in Charlotte, NC is 0.63%, which is significantly lower than both the national median of 0.99% and the North Carolina state median of 0.82%. With the median home value in Charlotte at $366,900, the typical annual property tax bill amounts to $2,288, falling below the national median of $2,690. Property taxes in Charlotte are calculated based on the tax assessed value, which is often less than the market value due to various exemptions such as the primary residence and agricultural exemptions. Understanding Charlotte's property tax system, exploring available exemptions, and identifying opportunities for reductions can lead to substantial annual savings. Whether you're in the heart of Charlotte or another part of the city, understanding the local property tax system will benefit both homeowners and real estate investors.
Last Updated June 14, 2024
Charlotte, North Carolina Property Tax Bill Calculator
$100,000
$1,500,000
$3,000,000
Average Tax Rate
0.63%
Estimate Property Tax Bill
$2,311
Ownwell’s Charlotte Property Tax Bill Calculator assists homeowners, real estate investors, and potential buyers in estimating their annual property taxes in Charlotte with just two data points. By entering your property's estimated assessed value, the calculator applies the median tax rate in Charlotte to estimate your property tax bill. This insightful tool helps you understand potential tax liabilities. For those interested in neighborhood-level trends, more localized information is available below. Your property’s assessed value is determined by the county for property tax calculations and takes into account any applicable exemptions.
Property Tax Rates Across Charlotte, North Carolina
Property taxes in Charlotte, North Carolina, are essential for funding crucial local services such as public schools, road maintenance, and emergency services. The median tax rate in Charlotte is 0.63%, which is lower than the U.S. national median of 0.99%. Local government entities within Charlotte set these rates annually, and they can vary significantly across different neighborhoods. Each year, Charlotte estimates its required budget to maintain services for the upcoming fiscal year, then divides this budget by the total value of all taxable property within the jurisdiction to calculate the property tax rate. While tax rates and budgets are influenced by laws and voter input, this calculation forms the basis of setting property tax rates. The data below compares Charlotte's effective property tax rate to other counties in North Carolina and the national median. For comparison, the 28227 zip code has both the highest and lowest median property tax rate of 0.63%. Understanding how these areas compare with Charlotte provides valuable insights into the varying tax landscape across Union County, helping homeowners gain a clearer picture of their property tax obligations relative to neighboring areas.
Average Charlotte Tax Rate
0.63%
Average Union County Tax Rate
0.67%
Average North Carolina Tax Rate
0.82%
Average United States Tax Rate
0.99%
Property Tax Rates Across Charlotte, North Carolina
| Zip | 10th Percentile | 25th Percentile | Median Tax Rate | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 28227 | 0.63% | 0.63% | 0.63% | 0.64% | 0.64% |
Source: Ownwell
Property Tax Assessment Values Across Charlotte, North Carolina
In CHARLOTTE, North Carolina, understanding the difference between "market value" and "assessed value" is crucial for comprehending property taxes. The market value is the price a willing buyer would pay a willing seller in an open and competitive market, influenced by factors like location, property condition, and economic trends. This value is estimated by the Union County Appraisal District for tax purposes. In contrast, the assessed value is the market value minus any applicable exemptions or limits based on local laws and available programs. The assessed value is then used to calculate your property taxes by multiplying it by the combined tax rates of all relevant taxing entities. Assessment notices are typically mailed out in the spring, usually by mid-April. These notices provide homeowners with both the market and assessed values, along with an estimate of the annual property tax bill. By understanding the distinction between these valuation concepts, property owners can better navigate their tax responsibilities and comprehend how their property taxes are determined. Being aware of these valuation processes in CHARLOTTE helps identify opportunities for protesting assessments or applying for exemptions to effectively manage the tax burden. The zip code with the highest median tax bill is 28227, while the lowest is also 28227, both standing at $2,288.
Property Tax Assessment Values Across Charlotte, North Carolina
Source: Ownwell
$105,150
$356,825
$608,500
Average Charlotte Assessed Value
$366,900
Average Union County Assessed Value
$277,400
Average North Carolina Assessed Value
$197,136
Average United States Assessed Value
$244,900
Property Tax Assessment Values Across Charlotte, North Carolina
| Zip | 10th Percentile | 25th Percentile | Median Home Price | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 28227 | $163,100 | $303,775 | $366,900 | $409,700 | $445,170 |
Source: Ownwell
Property Tax Bills Across Charlotte, North Carolina
In Charlotte, Union County, NC, property tax bills are calculated based on the assessed value of a home, which is determined by the county assessor's office. The assessed value is then multiplied by the local property tax rate to determine the annual tax bill. For example, with a median home price of $366,900, homeowners can expect a tax bill ranging from $1,939 at the 25th percentile to $2,818 at the 90th percentile. Several factors influence the final tax bill, including the property's market value, any applicable exemptions, and the specific tax rate set by local authorities. Homeowners in the 28227 zip code, which has a median tax bill of $2,288, can see how their taxes compare within the region. These property taxes contribute to local services such as schools, public safety, and infrastructure, directly impacting the community's quality of life. Understanding how these taxes are calculated helps homeowners budget effectively and anticipate future financial obligations.
Average Charlotte Tax Bill
$2,288
Average Union County Tax Bill
$2,194
Average North Carolina Tax Bill
$1,615
Average United States Tax Bill
$2,690
Property Tax Bills Across Charlotte, North Carolina
| Zip | 10th Percentile | 25th Percentile | Median Tax Bill | 75th Percentile | 90th Percentile |
|---|---|---|---|---|---|
| 28227 | $1,031 | $1,939 | $2,288 | $2,576 | $2,818 |
Source: Ownwell