What is the “taxable value” of my property?

In North Carolina, the “taxable value” of your property is the amount of your property’s value on which you must pay property tax. It is determined by the North Carolina General Assembly and is the assessed value of your property plus any applicable exemptions. The assessed value is the market value of your property as determined and certified by your county’s tax assessor. This value can be higher or lower than the actual market value of your property, and is used to calculate your property tax bill each year. Exemptions are the deductions you can make from your property’s taxable value. These include homestead and other exemptions that reduce the taxable value of your property. The exemptions that apply to your property may vary, depending on the county in which your property is located. To calculate the taxable value of your property, you must add the assessed value of your property to any applicable exemptions. This number will be the taxable value of your property and is the amount on which you will pay property taxes each year.

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What is the “taxable value” of my property?

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