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North Carolina Taxes and Exemptions

Many Charlotte Relocations concerned about their overall cost of living and need additional facts and data.  When considering Charlotte Real Estate and homes in the surrounding areas, many would like a more detailed approach to the tax system to help make an informed decision.

Property Taxes
All property, real and personal, is subject to taxation and is assessed based on 100% of appraised value.  Taxes are collected by cities and counties.  Under the homestead exemption, homeowners 65 and older whose household income is $18,500 or less, $20,000 or 50% (which ever is greater) of the appraised value of the property is exempt from taxes.

Assessed Value is determined every 4 to 8 years.  When comparing "Sale Price" versus "Tax Value",  do not compare County to County since the year of the reassessments vary.  It does provide a base line within a county.  An older reassessment (6 or 7 years old) begins to show how one area has appreciated more than another.  As a Charlotte Area Realtor, I am familiar with the process and can help you understand before you buy you next home.

Sales Taxes
State Sales Tax:
4.5% (prescription drugs, medical equipment exempt, food subject to 2% county tax); Some county taxes can increase the total to 7.5%.
Gasoline Tax: 24.55 cents/gallon
Diesel Fuel Tax: 24.55 cents/gallon
Gasohol Tax: 24.55 cents/gallon
Cigarette Tax: 5 cents/pack of 20

Personal Income Taxes

Tax Rate Range: Low - 6.0%; High - 8.25%
Income Brackets: * Lowest - $12,750; Highest - $120,000
Number of Brackets: 4
Personal Exemptions: ** Single - $1,050; Married - $2,100; Dependents - $1,050
Standard Deduction: Single - $3,750; Married filing jointly - $6,100
Medical/Dental Deduction: Federal amount
Federal Income Tax Deduction: None

Retirement Income Taxes: Social Security is exempt.  At least $4,000 in exclusions for federal, state and local pensions (depending on dates and length of service); up to $2,000 exemption for qualified private pensions, including IRAs.  Out-of-state government pensions also qualify for the $4,000 exemption.  Military retirees with at least 5 years of creditable service as of August 12, 1989, will be permanently exempt from state income tax on their retired/retainer pay.

Retired Military Pay: If an individual had five years of creditable service as of August 12, 1989, all military retired pay is exempt from taxes.  Otherwise, a deduction of up to $4,000 is allowed for military pay or survivor's benefits.

Military Disability Retired Pay: Disability Portion - Length of Service Pay; Member on September 24, 1975 - No tax; Not Member on September 24, 1975 - Taxed, unless combat incurred.  Retired Pay - Based solely on disability: Member on September 24, 1975 - No tax; Not Member on September 24, 1975 - Taxed, unless all pay based on disability and disability resulted from armed conflict, extra-hazardous service, simulated war, or an instrumentality of war.

VA Disability Dependency and Indemnity Compensation: Not subject to federal or state taxes.

Military SBP/SSBP/RCSBP/RSFPP: Generally subject to state taxes for those states with income tax.  Check with state department of revenue office.

Inheritance and Estate Taxes
There is no inheritance tax and the estate tax is related to federal estate tax collection.

For further information, visit the North Carolina Department of Revenue site.
* The tax brackets reported are for single individuals. For married taxpayers, the same rates apply to income brackets ranging from $21,250 to $200,000. An additional middle income tax credit is allowed.
** Taxpayers who claim standard deduction or itemize deductions on federal return must make adjustments.>

>*All Information is subject to change!

Tax systems change constantly but this provides a basic baseline for realistic expectations.  Return to Charlotte Homes for Sale continue learning about the greater Charlotte Area. 

Call today!

Abby Nelson
Charlotte Realtor
Phone: 704.890.1860


North Carolina Real Estate Taxes

Many people across the country are calling about our property taxes.  We have a unique way of assessing property and is actually fair.  North Carolina requires each county to do a complete reassessment every 8 years.  Based on needs, the county can may exceptions and reassess every 4 years.  By utilizing this method (everyone assessed at the same time), it is done fairly.  In many states, the reassessment is done at the time of purchase and the "Government" gets the new guy.  This permits unequal and unfair distribution of taxes. 

Our novel concept is that we are all the same and should be treated as equals.  It is a simple concept and you will love it here!

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