Charlotte Mecklenburg County Tax Rate for 2024
There has been lots of excitement and anxiety around the property revaluations and subsequent tax rate adjustment for real estate in Charlotte, NC.
Before delving into the tax rates, it's important to understand the assessment process. The value of a property is assessed periodically by the local government to determine its fair market value. This is required every 8 years by the state of NC, but most municipalities have gone to a 4 year cycle. In Charlotte and the other muncipalities, the Mecklenburg County Assessor's Office is responsible for property assessments. They consider various factors, including property size, location, improvements, and market conditions. The assessed value forms the basis for calculating property taxes. The process started a couple years ago and concluded with the new property values being published in spring 2023. As we have discussed in this blog and on video at our Youtube channel, Mecklenburg County did a really great job this time around.
Now, to the rate. The property tax rate for someone who lives in Mecklenburg County and in the City of Charlotte is 0.7335% per $100 of assessed value.
It's totally useless to compare that rate to the previous rate. A more practical use is to look at a real world example of the change in my personal 2024 Property Tax bill.
My new value went up 57% versus the previous property valuation. The median value of all properties was right at 52% so the expectation is that my tax bill would go up. I took the new rate for Charlotte and applied it to the new assessed value. It went up 15%. Some of this change is due to the increase and valuation and some additional increase in both Mecklenburg County and City of Charlotte budget increases. My thought, about what I expected. (I should add, that the actual value calculation didn't include the Single Family Solid Waste Fee which is really a small percentage of the total bill.)
I'd love to get your comments about how it turned out for you and your thinking on it.
Here is a chart showing the rates for Mecklenburg County plus the cities / towns of Pineville, Matthews, Cornelius, Huntersville and Davidson.