What is a Property Tax Levy?

A Property Tax Levy is a mandatory charge imposed by the state of North Carolina to fund various public services. This tax is based upon the assessed value of a property, which is determined by an assessor assigned by the county government. The Property Tax Levy is used to finance public schools, fire departments, police departments, libraries, parks and public transit, and other government organizations. The amount of the levy is determined by the state legislature, which determines the assessed value of the property for the year. Property owners are responsible for paying the levy each year. Property Tax Levies are the primary source of revenue for the county government and are the main source of income for counties, municipalities, and public schools. Property owners can appeal their Property Tax Levy if they feel it is too high. Generally, the assessed value of property is reevaluated every two years and updated to reflect any changes in market value. Property Tax Levies are essential for local governments to fund necessary services, and are very important to a state’s economy. Property owners are responsible for paying their Property Tax Levy in North Carolina, and the state legislature is tasked with setting the appropriate rate of taxation.

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What is a Property Tax Levy?

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