As of August 31, 2019, the average tax bill for a home owner will go up by $1,000 per year for a single-family home and by $4,500 per year if a condominium.
This isn’t just a matter of more taxes, but of higher taxes on people who are living in multiple-family homes, as well.
The average tax on a home in North Carolina is $2,800 per year, according to the Tax Foundation, which tracks taxes for the state.
That’s up by nearly $200 per year from the year before.
The tax increase on single- and multi-family properties is even more pronounced.
According to the tax calculator at NerdWallet, a one-bedroom home in the Charlotte area would see an average increase of $3,000, or almost 20 percent.
This increases to a home that rents for $3.50 per night, or nearly 40 percent.
It’s also up by almost $200 in the Asheville area, $2 to $3 in the Raleigh-Durham area, and $3 to $4 in the Winston-Salem area.
What does this mean for you?
It’s important to remember that the average property tax bill doesn’t include taxes on things like interest and assessments.
In many cases, homeowners pay a lot of the taxes themselves, which is what makes it hard to know how much you’ll save.
You can use NerdWallet’s tax calculator to find out, though.
But you can also do your own math and see how much money you could save if you had a mortgage or other type of loan.
If you have a home-based business, you’ll probably see a reduction in the amount of taxes you pay.
This could be because your company sells a lot more of its goods and services, such as office supplies and computers, and you could reduce your tax bill.
If your business sells less of its products, you could potentially save more.