Figuring out your taxes is an important but confusing aspect of owning property. Here are some of the basic things you need to know about North Carolina’s property tax:
How does it work?
North Carolina’s property tax is based on the value of the property. To determine the current value of your personal property, a county assessor will come and evaluate it every eight years. Some counties may require an owner to have their property reappraised every four years instead of eight.
It is important to note that North Carolina does not have a statewide property tax, but all properties are subjected to taxation by its county. Additional taxes or fees can also be levied by local governments, fire districts, school districts, and the like.
Can the home value evaluation be appealed?
Because of the lengthy intervals between property assessments, it is imperative to get the value of your home done correctly. If you find there are some issues with your assessment, you can file an appeal to the local Board of Equalization and Review. In Raleigh, you may also appeal to the Property Tax Commission.
You don’t necessarily need a lawyer to appeal your property value evaluation. However, given the nature of the appeals process, getting a lawyer or someone familiar with these real estate issues can make it easier for you.
What are the exemptions?
In 2018, seniors with a total income of $29,600 or less are eligible for the homestead property tax exemption, reducing the assessed value by the greater 50% or $25,000. There are also property tax exemptions for certain types of personal properties depending on their use and ownership.
Do you want to know more about your real estate options in North Carolina? Check out this website for more information! You can also get in touch with me at 919-210-8388 or email MattPeedin(at)KW(dotted)com.