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A Property Owner's Guide to NC Property Taxes

System - Thursday, June 22, 2023

Many people invest in real estate because it's one of the best ways to build wealth in the modern economic marketplace. However, it's not all profit. There are many costs and fees you'll need to get familiar with if you plan on kicking off a real estate investment.

Property taxes are a vital source of revenue for local governments, including those in North Carolina. If you own property in the state, understanding the Nc property taxes will be crucial to managing your financial responsibilities effectively.

This guide aims to provide property owners in NC with a comprehensive overview of property taxes. That includes how they are assessed, the factors influencing tax rates, and important dates to keep in mind.

Read on and we'll walk you through the basics.

How Are Property Taxes Assessed in NC?

Real estate taxes aren't a one-size-fits-all affair. They can vary from property to property.

Property assessment is the process by which the value of a property is determined for taxation purposes. In North Carolina, counties are responsible for assessing property values.

Assessments are typically conducted every eight years, but individual counties may have different assessment cycles. It is important to note that changes in property value due to improvements or renovations can trigger an interim assessment.

The assessed value is determined by the county's tax assessor, who considers factors such as location, size, condition, and market trends.

While an assessment of your property will be a major factor in determining your tax burden, it isn't the only factor.

The tax rate set by the local government and additional levies or bonds also play a role.

Appeals to Assessment

If you believe your property has been overvalued or improperly assessed, you have the right to appeal the decision. The appeals process varies by county. Generally, it involves filing a formal appeal with the county's Board of Equalization and Review.

It's crucial to gather evidence to support your claims, such as recent property appraisals, comparable sales data, or evidence of damage or depreciation.

Payment Timelines in NC

In North Carolina, property taxes are billed and collected by county tax collectors.

The tax year runs from July 1 to June 30, and property tax bills are typically mailed out in July or August. The due date for property tax payments is usually January 5 of the following year, with interest accruing after that date.

Property owners have the option to pay their taxes in full or through installment plans, depending on the county.

If you're confused or worried about paying your taxes properly, working with an experienced property manager can help.

Understanding NC Property Taxes

If you're looking to make a real estate investment in the city of Charlotte, it's essential that you understand the ins and out of North Carolina's tax system. NC property taxes will need to be factored into your investment plans.

The above information can help you understand the basics when it comes to this kind of taxation.

Need more help managing your Charlotte investment property? Give us a call anytime for more assistance.