What will your property tax bill look like?
With the adoption of both the town and county budgets, property owners in Cornelius now have the opportunity to estimate their upcoming tax bills, which will be mailed out this summer.
The tax rates in Cornelius are as follows:
When combined, the total tax rate is .6462, with the county's share accounting for 73 percent of the overall rate.
To calculate your tax bill, simply multiply your property assessment by .006462. For instance, if your property is assessed at $500,000, your total tax bill would amount to $3,231 (i.e., .006462 times $500,000).
Are Tax Rates Lower but Bills Higher?
Interestingly, despite the decrease in tax rates, the majority of property owners can anticipate higher tax bills. This is primarily due to significantly increased property values resulting from the recent countywide revaluation. However, some property owners who had their tax values raised earlier may experience relatively stable tax bills.
When Can You Expect to Receive the Tax Bills?
The tax bills will be mailed out in July, and payment will be due in September. Please note that if the bills remain unpaid, interest will be applied after the New Year.
Stay informed about your property taxes and plan your finances accordingly. Prepare for the arrival of your tax bill and ensure timely payment to avoid any additional charges.
Disclaimer: This article was originally posted at https://www.corneliustoday.com/whats-your-property-tax-bill-going-to-look-like/