 |
|||||||||
|
North Carolina's Property Tax System
The property tax in North Carolina is a locally assessed tax, collected by the counties. The N.C. Department of Revenue does not send property tax bills or collect property taxes. For almost all the segments of the property tax, January 1 is the tax lien date. In other words, an individual owning property as of that date is liable for property taxes in the county where the property is located. The primary exception to this rule is motor vehicle property tax, which is reviewed in the Types of Property To Be Taxed section.
Under North Carolina General Statute 105-289, The Department of Revenue is charged with the duty to exercise general and specific supervision over the valuation and taxation of property by taxing units throughout the State. The Property Tax Division of the North Carolina Department of Revenue is the division responsible for this administration.
All public service company property is appraised by the Department of Revenue and the appraised values are allocated to the proper taxing jurisdiction for billing and collecting.
For further information regarding property tax, contact your local property tax office or the Property Tax Division at (919) 733-7711.
How do I know if North Carolina considers me a nonresident or part-year resident?
You're a nonresident if:
you live in North Carolina and earn income within the state for a temporary period of time and you are a permanent resident of another state or you live outside the state, but receive income from sources in North Carolina.
You're a part-year resident if:
you moved into the state and became a resident during the tax year or
you moved out of North Carolina and became a resident of another state.
| Major Taxes Administered by North Carolina Dept. of Revenue |
| Corporate Income Tax |
| Corporate Franchise Tax |
| Estate Tax |
| Gift Tax |
| Individual Income Tax |
| Insurance Premium Tax |
| License Tax |
| Motor Fuels Tax |
| Piped Natural Gas Excise Tax |
| Property Tax |
| Sales & Use Tax |
| Unauthorized Substance Tax |
| Withholding |
Basic Capital Gains Tax Law (Federal)
When you sell your principal residence you may exclude from taxes up to $500,000 (when filing jointly) or up to $250,000 (single) from the "capital gains" of the sale.
Capital gain is the profit you make on the sale or exchange of real property. To find your capital gain, deduct from the sale price what you originally paid for the property plus improvements that add to the home's value or prolong its life (not normal repairs). You can also throw in closing costs to calculate this "adjusted basis" that will determine the final capital gain amount.
You should consult a qualified professional accountant and/or attorney about all this.
Business Taxes
|
Home | Help Me Find a Home | Help Me Sell My Home | Region Profiles | North Carolina Info Center Real Estate Brokers: Partner With Us | Advertise Your Business About Us | Contact Us | Terms & Conditions | Privacy Policy | Webmaster Copyright © 2002--2005, Sunbelt Real Estate Guides™. All rights reserved. |