The regular listing period in Currituck County is from January 1 to February 15. Extensions for listing personal property may be granted by the Tax Department up to April 15, upon a timely filed request. The request for extension to list must be made in writing and before the end of the regular listing period.
The owner of taxable personal property must list his/her personal with the Tax Department annually during the regular listing period, plus any extensions granted. General listing forms can be obtained by calling the Tax Department. Listing business personal property forms and instructions can be downloaded.
The place for listing real property is the county in which the property is situated. The place for listing personal property (tangible and intangible) is normally the residence of the owner. A few of the exceptions to this rule as they apply to tangible personal property are as follows:
- Tangible personal property of individuals who are not residents of this state will be taxable at the site at which it is located;
- Tangible personal property owned by other than an individual taxpayer with no principal office in this state is taxable at the location of the property;
- Tangible personal property located at a seasonal or temporary dwelling shall be taxable at the location of the seasonal or temporary dwelling; and
- Tangible personal property used in connection with a business premises occupied or used by the owner of the personal property is taxable at the site of the business premises.
Types of Property To Be Taxed
The three main elements of the property tax system in North Carolina are real property, personal property, and motor vehicles. Real property consists of land and buildings. Personal property consists of, for this guide, tangible personal property or all personal property that is not intangible and is not permanently affixed to real property. Motor vehicles with a permanent license plate is taxed by the County. All other motor vehicles are taxed through the NCDMV.
The Machinery Act (General Statute 105, Subchapter II) provides the framework for the listing, assessing, and appraising of both real and personal property in North Carolina. Under G. S. 105-286, all counties are required to conduct a reappraisal at least every eight (8) years. The majority of the counties, including Currituck County, conduct their reappraisals on this time frame, although a growing segment of counties conducts reappraisals on a shorter cycle. During each year, at least 11 of the 100 counties are conducting a countywide reappraisal. A county may choose to conduct its reappraisal "in-house" utilizing their own appraisal staff, by hiring an outside reappraisal firm, by employing consultants to assist their staff appraisers, or by a combinations of the options above.
During the years that a general reappraisal is not conducted, G. S. 105-286 dictates that the real property shall be assessed at the value assigned during the last reappraisal. The assessor is limited by G. S. 105-287 to certain circumstances in which he may change the value of real property. These include correcting a clerical or mathematical error, or correcting an appraisal which resulted from a misapplication of the schedules used during the county's last general reappraisal. The assessor may increase or decrease the appraised value of real property, to recognize a change in value caused by factors other than the following: normal physical depreciation of the improvements; economic conditions affecting the county as a whole; or minor improvements to the property such as repainting, landscaping, terracing, etc.
The assessor is permitted to increase the assessed value of real estate when a house in built on the property, or to reduce the value if a house burns down. The value can also be revised when property that had been deeded and taxed for many years as being 50 acres more or less and it the actual acreage is determined. However, the county may not change the assessed value to reflect a general increases (or deceases) in property values until the next reassessment.
All taxable personal property in North Carolina is appraised at its true value in money. The two main exceptions are inventories owned by manufacturers, retailers, wholesalers, and contractors as well as non-business personal property. These types of personal property have been exempted by statute in North Carolina. There are other exemptions for different types of personal property where the ownership and use determine the exempt status. These would have to be looked at on an individual basis. Personal property in North Carolina is appraised each year as of January 1 at its true value in money. The personal property owner should list his or her personal property with the correct county during the regular listing period. The regular listing period in Currituck County is from January 1 to February 15. Extensions for listing personal property may be granted by the Tax Department up to April 15 upon a timely filed request. The request for extension to list must be made in writing and before the end of the regular listing period.
The counties in North Carolina use a trending method to appraise personal property. Counties request taxpayers to list their property at original cost by year of acquisition. The counties then trend the original cost up to reach current replacement cost new and then apply a straight line depreciation schedule to reach market value. Most of the counties use trending schedules developed by the North Carolina Department of Revenue.
The assessed value of personal property may be appealed to the Assessor on or before September 30th or 30 days after the date on the tax notice, whichever is later.