Property tax rates for Charlotte real estate
A mortgage payment is made up of four basic components: Principal repayment, Interest, Tax and Insurance (PITI). If you are financing the purchase of your home with a 15 or 30 year fixed rate, only the property tax rate and insurance will change over the life of the mortage. Property tax rate and property values are important factors to consider when purchasing a home. This is even more important if you decide to purchase a foreclosure, short sale or REO since most of those types of properties can be purchased substantially below tax value. For example, you might be able to purchase a $150,000 foreclosure which has a tax value of $215,000. In that example, the property taxes will be based on the tax value, not your purchase price. Home values (for tax purpose) are reevaluated at regular intervals. In North Carolina, value reassessment are every 4 to 8 years. Mecklenburg County was assessed in 2011.