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North carolina property taxes. Does NC use an assessed value…

north carolina property taxes. Does...
north carolina property taxes. Does NC use an assessed value or market value for tax assessment? I'm a disabled veterans and I understand that NC forgives $45,000 of the value but I don't know which value
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Answered in 23 minutes by:
6/27/2017
Lane
Lane, JD, CFP, MBA, CRPS
Category: Tax
Satisfied Customers: 14,668
Experience: Law Degree, specialization in Tax Law and Corporate Law, CFP and MBA, Providing Financial & Tax advice since 1986
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North Carolina uses the assessed value, as per the county property assessors office

...

In north Carolina, however, that assessed value IS what the assessor believes IS fair market value.

...

In North Carolina, all property subject to assessment must be assessed “at its true value in money,” or fair market value (N.C. Gen. Stat. § 105-283).

...

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The Machinery Act defines “true value” as “the price estimated in terms of money at which the property would change hands between a willing and financially able buyer and a willing seller, neither being under any compulsion to buy or to sell, and both having reasonable knowledge of all the uses to which the property is adapted and for which it is capable of being used.

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I hold a law degree (J.D.), with concentration in Tax Law, Estate law & Corporate law, an MBA in finance, a BBA, and CFP & CRPS (Chartered Retirement Plans Specialist) designations, as well - I’ve been providing financial, Social Security/Medicare, estate, corporate, non-profit, and tax advice on three continents since 1986.

Lane
Lane, JD, CFP, MBA, CRPS
Category: Tax
Satisfied Customers: 14,668
Experience: Law Degree, specialization in Tax Law and Corporate Law, CFP and MBA, Providing Financial & Tax advice since 1986
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