How does a property tax assessment work?

A property tax assessment is the process of determining the value of a property for tax purposes. In North Carolina, how a property is valued and taxed is determined by the county assessor. The assessor looks at the size of the home and lot, amenities such as a pool or spa, nearby buildings, and the current market value of similar properties in the area. The assessor then uses the information to calculate an estimated market value, and based on that, an estimated annual property tax is determined. For most counties in North Carolina, the tax rate is set at a rate of $.85 per $100 of assessed value. This means that for a house with an assessed value of $100,000, the owner would pay $850 in property taxes annually. The county assessor is required to reassess properties every eight years to ensure they are fairly taxed. Homeowners also have the right to appeal the assessment if they think the value of their property has been overestimated by the assessor. The property tax assessment process helps ensure that taxes in North Carolina are fairly and accurately collected and allocated to the homeowners in the state.

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How does a property tax assessment work?

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