North Carolina Property Values, Propery Taxes — Home Value Appraisals — Draw Floor, Building & Landscaping Plans — Mortgage Refinance Rates
Home Value Appraisals, Property Tax Appeals
North Carolina Property Taxes Home Property Valuation North Carolina Property Tax Appeal and House Appraisal tutorial for home value appraisals and how to establish the market value of residential property and pursue a winning property tax appeal. No official is going to tell you if you are paying too much in property taxes . The upside is that this book works. You look and apply what pertains to you. It lets you figure out what the adjustment values really are - - and the best part is you get to roll over the lower home assessment year after year.
North Carolina Home Property Valuation click North Carolina Home Property Valuation for more information.
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.
Home Property Valuation Exemptions
• Property Tax Homestead Exclusion
The greater of $20,000, or fifty percent of the appraised value of real property owned by a North Carolina resident and occupied by the owner as his or her permanent residence is excluded from the taxpayer's assessment, if the following requirements are met:
The owner is 65 years of age or older or is totally and permanently disabled.
The disposable income of the owner did not exceed $18,800 for calendar year 2003 if applying in 2004, or $19,200 for calendar year 2004 if applying in 2005. The income eligibility limit is adjusted each year by the social security cost-of-living adjustment. The disposable income limit amount includes all moneys received plus the disposable income of the applicant's spouse if they reside together.
The owner completes the required application in a timely manner and the assessor approves it.
Disabled Veterans
The first $38,000 in assessed value of housing together with the necessary land therefor, owned and used as a residence by a disabled veteran who receives benefits under 38 U.S.C.§ 2101.
• Land Use
The Land Use exclusion is designed for those property owners who grow agricultural, horticultural or forestry products on their land. A county may appraise agricultural, horticultural, and forest land based on their ability to grow crops rather than their market value, provided that the owner qualifies under certain criteria. These criteria include ownership, income, size of the tract in actual production and whether the farm is under sound management. The application for this exclusion must be made with the county assessor's office during the regular listing period.
State Income Tax
• 4 brackets from 6.0% to a high of 8.25%
North Carolina State Sales Tax
• The state sales tax is 4.5 percent (prescription drugs, medical equipment exempt, food subject to 2% county tax). Some county taxes can increase the total to 7.5%. Gasoline Tax: 24.55 cents/gallon
• The top five states where the tax burden as a percent of income is the highest are: Maine (13.0%), New York (12.0%), Hawaii (11.5%), Rhode Island (11.5%), and Wisconsin (11.4%). The United States average is 10.1%. The District of Columbia is 12.2%.
• The five states with the lowest tax burden as a percent of income are: Alaska (6.4%) 50th, New Hampshire (7.4%) 49th, Delaware (8.0%) 48th, Tennessee (8.3%) 47th, and Alabama (8.7%) 46th. See effective state tax burden table
