What is the property tax assessment process?

Property Tax assessment is a process used in North Carolina to determine how much property owners owe each year in taxes. The tax rate is typically a percentage of the assessed value of the property. The process begins with the county assessor conducting a physical inspection of the property to appraise its value. The assessor looks at factors such as the age of the structure, its size and condition, and what other similar properties are selling for in the area. After the assessment is complete, the assessor will issue a Notice of Property Value with the estimated value of the property. The next step is for the owner to challenge the value if they feel it is not accurate. The owner can file an appeal with the county Board of Equalization, which is made up of local citizens, to dispute the assessed value. The board will then decide on a value for the property. The final value of the property is then used to calculate the tax amount due. The amount is based on the current real estate taxes as well as any applicable local taxes. After the taxes are calculated, the owner will receive a tax bill for the amount owed. The taxes are due by a certain date, and must be paid in full to avoid penalties and interest. In North Carolina, the property tax assessment process is used to ensure that the taxes owed by property owners are accurate and fair. It is a very important step in the process of owning real estate in the state.

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What is the property tax assessment process?

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