//
you're reading...

Cornelius News

It’s official: The total property tax bill on a $500K home will be $3,281

June 5. By Dave Vieser. Property taxes for Cornelius property owners will go up next year because Mecklenburg County commissioners voted Tuesday evening to increase the county tax rate by one cent.

What does all this mean for the average homeowner?

The 2025 property tax bill on a Cornelius home valued at $500,000 will be $3,281.

Details

—The county tax rate goes up by one cent, to .4831. That amounts to a county tax bill of $2,415 for a home valued at $500,000.

—The town rate is the same as last year, or .1731. That amounts to a tax bill of $865 for a home valued at $500,000.

The total tax rate: .6562 per $100 of assessed value.

Bottom line

Total property taxes on a $500,000 home will be $3,281—$50 more than this year’s bill.

Property owners can determine their own property tax bill by multiplying the new tax rate (.006562) by their assessed value.

Timing and late fees

The adopted town and county budgets go into effect on July 1.

Tax bills reflecting the new 2025 rates will be sent out in August. A 2 percent interest fee is assessed when a property becomes delinquent (early January 2025) and .75 percent interest fee is imposed each additional month until taxes are paid in full

Discussion

No comments yet.

Post a Comment