Chapter 3 Property Taxation Flashcards
1
Q
North Carolina machinery act
A
Eight year appraisal
Rates change every year
Horizontal adjustment
2
Q
Tax assessors valuation
A
Real a state taxation is based on assessed value and that is based on 100% of market value
3
Q
Real property tax in North Carolina
A
Always due on September 1
Pay taxes by year day of closing is paid by seller
Interest is paid month the month
4
Q
Priority of Real Estate Taxes
A
Real estate tax is always the number one lien
Levied ad valorem
According to value
5
Q
Mill rate
A
.1 of 1 cent
6
Q
Assessment
A
A levy against property
