Diane McDermott, Real Estate Broker, Charlotte NC

Before living in Charlotte NC I had never encountered an annual personal property tax on my car. So the first year I got that bill in the mail, I really was confused. How could they be sending me a bill for tax when I'd already paid tax upon purchasing the car?!?!

So, I of course called the number on the bill and spoke with a very polite customer service rep who patiently explained that here in NC, residents pay an annual tax on their vehicles in the form of a personal property tax. Awesome...I bought both of my cars in September/October so I look forward to nearly back to back tax bills come December/January!

The county where you live assesses a tax value to your vehicle, calculates the annual tax based on that county's current property tax rate, and you receive a bill about 3 months after the date you registered the car (whether you purchase or register from another state).

The 2007 tax rate for Charlotte is $1.2973 per $100 of value. So for example, if your car is valued at $18,160 your annual tax bill would be $235.59 + $30 (for Charlotte's auto fee) = $265.59.

This is notsomething that would ever make me think twice about living here but it can be a surprise if you're not accustomed to it. Besides, even if you move out of Mecklenburg County you'll still have a personal property tax bill anywhere else in the metro region so I really don't see a personal property tax as a deterrent - it just is here in NC.

I review the tax rates and will look up the most recent tax bills on properties my clients are considering, taxes are a major question people have about a given area, and I mention the personal property tax as well. I've never had a client decide not to relocate here because of taxes (real estate or personal property), but it is a major factor to take into account when moving to a new area.

Depending on how tax rates were in their previous state, Charlotte can be a welcome relief or an adjustment to factor into expenses. Either way, having the info can't hurt...in my opinion of course!

Diane McDermott
Real Estate Broker, REALTOR®
Diane@southcharlottespecialist.com
704-516-3691
e2 Real Estate Team, Banks Calkins Real Estate Inc.
www.e2realestateteam.com
"Exceeding Expectations"

As the chart above illustrates, market activity for closed listings has shown a spike in closings around May/June and then again in Sept/October but there was at least one closed listing in each month.
Looking at additional stats for the January 2007-January 2008 period:
Average Sales Price: $337,211
Average Days on Market: 29
Average Percent of Sales Price Compared to List Price: 98%

So, homes in Beverly Woods on average were under contract within 30 days and sold for very close to list price, based on the past 13 months of activity.

This information is simply a snapshot and general overview of the neighborhood market, it is not a market analysis, which requires much further depth, application of information and consideration of a given property.
As always, for any questions or additional information we're just an e-mail or call away!

Diane McDermott
Real Estate Broker, REALTOR®
www.e2realestateteam.com
Diane@e2realestateteam.com
e2 Real Estate Team, Banks Calkins Real Estate Inc.
"Exceeding Expectations"
*Statistic based on data from Carolina Multiple Listing Service Inc. Information deemed reliable but not guaranteed.

Beverly Woods Current Market Activity as of 2.7.08

The current List Prices in Beverly Woods range from $299,000 to $499,900.
The 3 Pending listings are ranch style homes, and two of those went under contract in less than 10 days....not bad for the fall/winter season!
Beverly Woods is a neighborhood of single family homes, situated between Sharon Rd and Park South Dr, just south of Fairview Rd and is located just about a mile from South Park mall and Phillips Place.
The majority of homes were built in the 1960's into the early 1970's and styles include ranch, split level, 1.5 story, and 2 story homes. Mature shade trees and landscaping, generous property sizes, and a prime South Park location central to South Park, the Harris YMCA, the new light rail line, as well as Uptown Charlotte all add to the appeal of Beverly Woods.

As always, we're just an e-mail or call away for any questions or additional information.

Diane McDermott
Real Estate Broker, REALTOR®
www.e2realestateteam.com
Diane@e2realestateteam.com
704-516-3691
e2 Real Estate Team, Banks Calkins Real Estate Inc.
"Exceeding Expectations"
*Statistics based on data from Carolina Multiple Listing Service Inc as of 2.7.08. Information deemed reliable but not guaranteed.