When Jenna and Mark closed on their first home in Matthews, they felt prepared. They had saved for a down payment, locked in a fixed-rate mortgage, and budgeted for their monthly payments. But shortly after moving in, they were hit with an unexpected expense: HOA fees. “We knew the neighborhood had an HOA, but we didn’t realize the fees would add hundreds to our monthly housing costs,” Jenna said. “It definitely threw off our budget in those early months.”
Jenna and Mark’s story is a common one for first-time homebuyers. While most people understand the basics of mortgages and property taxes, HOA fees are often an afterthought — until they show up on your first statement. If you’re considering buying a home in Matthews, it’s important to factor in not just your mortgage, but also your property taxes and any HOA or neighborhood fees. Here’s what you can expect.
What You’ll Pay in Property Taxes in Matthews
In Matthews, like most cities, your property taxes will be based on the assessed value of your home. The typical property tax rate in Matthews is around 0.9%. So for a $350,000 home, you could expect to pay about $3,150 per year, or $263 per month, in property taxes.
Keep in mind that property tax rates can vary depending on the specific location and assessed value of your home. In similar cities, property tax rates often range from 0.6% to 1.2% of the home’s value. Property taxes in Matthews are generally in line with the state average, typically falling between 0.8%–1.2% annually.
It’s also important to note that property taxes can change from year to year based on local budgets and reassessments. While the rate itself may stay the same, if your home value increases, so will your property tax bill. Be sure to factor in potential increases when budgeting for the long term.
How HOA Fees Work in Matthews
In addition to property taxes, many neighborhoods in Matthews have Homeowners Associations (HOAs) that charge monthly or annual fees. These fees cover the costs of maintaining and improving common areas and amenities in the community.
Typical services and amenities covered by HOA fees include:
- Trash collection and recycling
- Landscaping and lawn care for common areas
- Community pool and fitness center access
- Security systems or neighborhood patrols
- Maintenance of roads, sidewalks, and shared spaces
- Clubhouse and event space usage
The specific amenities and services offered will vary by neighborhood, as will the monthly fees. Generally, the more amenities and upkeep a community has, the higher the HOA fees will be.
Typical Monthly HOA Costs
In Matthews, typical HOA fees range from $70 to $200 per month. But the exact amount will depend on the neighborhood and the amenities offered. Here’s a breakdown of what you might expect to pay:
| Neighborhood Type | Typical Monthly HOA Fee |
|---|---|
| Low-amenity neighborhood | $70 – $120 |
| Average suburban community | $120 – $180 |
| Luxury development with extensive amenities | $180 – $350+ |
| Example: $295k home with 0.8% tax + $150 HOA | $346 per month |
As you can see, HOA fees can add a significant amount to your monthly housing costs. Neighborhoods with fewer amenities tend to have lower HOA fees, like $70–$120/month. But for some homeowners, the benefits and conveniences provided by an HOA are worth the added expense.
Hidden or Seasonal Fees to Expect
Beyond monthly HOA dues, there are a few other fees that Matthews homeowners should be aware of:
- Special assessments: If a major repair or improvement project comes up, the HOA may charge an additional fee to cover it. These one-time assessments can range from a few hundred to a few thousand dollars.
- Permit and parking fees: Some HOAs charge for parking permits, amenity usage, or to approve architectural changes to your property.
- Utility surcharges: Depending on how utilities are billed, you may have to pay a premium for water, sewer, or trash service.
- Seasonal fees: Some neighborhoods have additional costs that pop up seasonally, like pool maintenance fees in the summer or snow removal charges in the winter. In Matthews, irrigation surcharges for homeowners can add $20-50 per month during peak lawn-watering months.
While these costs are less predictable than monthly HOA dues, it’s a good idea to set aside some extra room in your budget to cover them, just in case.
Are These Costs Worth It?
For many homeowners in Matthews, paying property taxes and HOA fees is simply part of the cost of homeownership. But what do you get in return for these expenses?
Property taxes, of course, go toward funding local government services like schools, road maintenance, and public safety. So while no one loves paying taxes, they do contribute to the overall quality of life in your community.
HOA fees, on the other hand, provide more direct benefits to homeowners. In exchange for your monthly dues, you get access to amenities and services that would be costly or time-consuming to handle on your own. HOAs also help maintain consistent community standards, which can be beneficial for property values.
Of course, not everyone loves living in an HOA. Rules about landscaping, exterior home maintenance, and parking can feel restrictive to some homeowners. And if you don’t regularly use neighborhood amenities, the fees may feel like an unnecessary expense. It’s important to weigh the pros and cons for your lifestyle and budget.
That said, in Matthews, HOA homes often retain higher resale value, especially in communities with desirable amenities and well-maintained common areas. So even if the fees feel burdensome now, they could pay off when it comes time to sell.
FAQs About Property Tax and HOA in Matthews
How much is the average HOA fee in Matthews?
HOA fees in Matthews typically range from $70 to $200 per month, with most homeowners paying around $120 to $180. Luxury communities with extensive amenities may charge $350 or more.
Can my HOA fees increase?
Yes, HOA fees can increase over time to keep up with inflation, rising maintenance costs, or new community projects. Your HOA board should provide notice and justification for any fee increases.
Do I have to pay both property taxes and HOA fees?
Yes, property taxes and HOA fees are separate expenses. Property taxes are paid to your local government, while HOA fees are paid to your homeowners association. Both are typically due monthly or annually.
How do property taxes in Matthews compare to other nearby cities?
Matthews’ property tax rate of 0.9% is similar to other suburbs in the Charlotte area. In nearby Mint Hill, the rate is 0.8%, while in Stallings it’s 1.1%. Of course, actual tax bills will vary based on home values in each community.
Is an HOA worth it for first-time homebuyers?
It depends on your budget and lifestyle preferences. HOA fees can add significant costs on top of your mortgage, which can be challenging for first-time buyers. But the amenities and community benefits provided by an HOA can also be appealing, especially for those who don’t want to handle all exterior maintenance themselves. It’s important to weigh the tradeoffs for your situation.
Final Thoughts for Matthews Homeowners
Buying a home is a big financial decision, and it’s important to understand all the costs involved. In Matthews, property taxes and HOA fees can add hundreds of dollars to your monthly housing expenses, on top of your mortgage payment.
But for many homeowners, the benefits of living in a well-maintained community with desirable amenities outweigh the added costs. And with property tax rates in line with the state average, Matthews remains a relatively affordable place to buy a home in the Charlotte area.
If you’re considering a move to Matthews, be sure to factor in property taxes and HOA fees when budgeting for your new home. And don’t forget to account for those hidden costs of living in Matthews, too. With careful planning and a clear understanding of the expenses involved, you can find the right home for your budget and lifestyle.
Curious how your housing costs might differ in other Charlotte suburbs? Check out our guide to the average rent and home prices in Matthews and nearby communities.