General Tax Questions
What Do Property Taxes Pay For?
Property taxes pay for services such as: law enforcement, fire department, and animal control. You also use services paid for by property taxes when you send your children to public schools, check out a book from the library, carry your trash to the convenience site, and even when you eat at an inspected restaurant. Your taxes also pay for services to help protect children and senior citizens from abuse or neglect, help move people from welfare to work, and much more.
What Property is Taxed?
Property taxes are levied on real property, manufactured homes, motor vehicles, boats, trailers, and income-producing personal property.
How Much Will I Pay in Taxes?
The amount of property taxes you pay is based on the assessed value of your property and the tax rate. The Tax Assessor determines the value of all taxable property as of January 1. The County Commissioners meet during the spring of the year to determine the current year’s tax rate. The amount of taxes can be determined by multiplying the tax rate by each $100 of assessed value. For example, with a tax rate of .0086 and a assessed value of $100,000 the amount of taxes will be $860. Keep in mind that all municipalities and most fire districts have their own tax rate, which will be in addition to the County’s rate. All fire district taxes and taxes from the towns of Conetoe, Princeville, Sharpsburg, Leggett, and Speed are billed and collected by the County. For other cities and towns, you will receive a seperate bill for your municipal taxes.
Who Is Required To List Property?
Every individual, guardian, trustee, estate, unincorporated association, corporation or partnership owning tangible personal property or real estate that has been improved or has had additions and is subject to taxation under North Carolina Law. All property owned on January 1 is taxable for the entire year and the owner as of January 1 is responsible for the tax bill for the entire year.
What Is Tangible Personal Property?
Tangible personal property consists of mobile homes, untagged motor vehicles, campers, trailers, motorcycles, air & watercraft and engines for watercraft. Business equipment, furniture and fixtures, computers etc., including free standing appliances used in connection with rental property must also be listed.
When Should Property Be Listed?
Listing begins on the first business day of each January and ends on the last day of January. All froms must be in our office or postmarked by January 31st or they will be considered late. If that day falls on Saturday or Sunday, the listing period ends on the next business day. There is a 10% per year penalty for not filing the listing form on time.
How Can Listing Forms Be Obtained?
Listing forms (abstracts) are mailed in late December of each year to those who have previously listed. Otherwise, they may be obtained by contacting the Listing Division.
What is Real Estate?
Real Estate includes: land and all buildings, structures and improvements attached to the land.
Should Real Estate Be Listed Annually?
Generally no. Edgecombe County operates on a permanent listing system. It is the property owner’s duty to make sure that his/her property is listed correctly. Real Estate must be listed in January only when a structure has been added, changed or removed. A building permit does not fulfill this notification requirement.
How Is Real Estate Valued?
Real Estate is valued based on the County’s current schedule of values. The schedule of values is generated prior to the County-wide revaluation, which occurs every 8 years. North Carolina law requires that each county conduct a revaluation at least once every eight years. The last revaluation in Edgecombe County was effective January 1, 2009. The primary purpose of the revaluation is to provide equalization among all property owners, as well as among all classes of property. Since property taxes are based on value, it is important to have all property valued periodically on a uniform basis.
Are Tax Records Private Or Public Information?
All records regarding listing and valuation are public record. The public may view these records at anytime during normal business hours, 8:00 AM - 5:00 PM. Any records that contain any financial information are kept confidential.