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Charlotte, NC Real Estate|The Secret of “Tax Value”, What Is It and How do Property Taxes Work in Charlotte?|

October 27th, 2007 Listed Under: FAQs About Charlotte, Taxes

Question??Answers From Charlotte Real Estate Broker Terry McDonald…

There isn’t any secret, just mystery and misunderstanding. Tax Value is the result of a drive by appraisal by a stat hired appraiser, sometime in the past 8 years, andnoted to the proerty address for the purpose of computing property taxes… It is not terribly scientific, it usually doesn’t represent value in any way, and is NOT adjusted at the sale of property (except new construction). But it is an indication of possible appreciation in the neighborhood since its last appraisal and it is one of two numbers used to compute the tax bill, so it is worth noting…

The 2nd number is the rate– and there are thirty if there is one in the Charlotte area. The city of Charlotte is worst at about 1.29% of Tax Value-the best might be Lincoln County at .61% or Iredell County .55%- then add city rates/ fire rates, to get values just below or above 1%.

So you may be looking at a $200,000 home, with a Tax Value of $100,000, in the City of Charlotte, you would pay $1,290 for your taxes per year. ($100,000 x 1.29%= 1290)

You can and should ask me for specifics on any home you have some interest in, and I’ll always have the tax report with me whenever we’re aking an offer.

Buyer (Investors?)Beware of one Tax Value, one that is higher than the Asking Price, usually this indicates a neighborhood that is falling in value. We don’t have many, but there are a few out there. Call meat 704-351-1519 with any questions, OK? It is why we are here.

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Terry McDonald
I'm the owner/team leader of The McDonald Group at Wilkinson and Associates ERA Powered real estate brokers here in Charlotte NC. A transplanted Washinghtonian, my family and I came from the NYC area in 1993.
Terry McDonald
Terry McDonald

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The McDonald Group
Wilkinson and Associates ERA Powered
8604 Cliff Cameron Dr ST 110
Charlotte NC 28269
704-390-6221 Cell
704-393-0048 Office
Licensed in NC & SC
USAA Certified
ERA Luxury Home Certified