Values are determined on a cost basis using the Cost Index & Depreciation Schedules developed by the North Carolina Department of Revenue. These trending schedules correspond to replacement cost new less depreciation.
The completion of a business listing form is required of all individuals, partnerships, corporations and associations who, on January 1, own, control or possess any amount of leasehold improvements or tangible personal property used or held for a business purpose. The listing period is from January 1 through January 31 each year. Listings may be submitted by mail, using a business listing form.
If you received a listing form in the previous year, a form should automatically be mailed to you at the last address of record. You should receive this preprinted form by first week of January. If you do not receive a form and you have property, which requires listing, it is your responsibility to obtain and complete a listing form.
Failure to list by the dates above will result in a late list penalty being assessed. Requests for listing extensions must be made by January 31. Extension requests may be submitted by mail. Mailed requests must be on company letterhead and reference the account number for which the extension is being requested.
- Listings submitted by mail must be postmarked by the US Postal Service or Overnight courier by the
listing deadline. If no date is shown on the postmark, or if the postmark is not affixed by the US Postal
Service or Overnight courier, the listing shall be deemed to be filed when received by the Edgecombe
County Revenue Department.
A wholesale merchant or retailer who sells or transfers the major part of its stock of goods, materials, supplies or fixtures, other than in the ordinary course of business, or who goes out of business, must:
- Notify the Tax Assessor’s Office at least 48 hours prior to the date of the pending sale, transfer
or termination of business
- Within 30 days of the sale, transfer or termination of business, pay all taxes due or to become due on
the transferred property on the first day of September of the current calendar year.
Any person to whom the major part of the stock of goods, materials, supplies or fixtures of a wholesale merchant or retailer is sold or transferred, or who becomes the successor in business, is required to withhold from the purchase money paid to the merchant an amount sufficient to pay the taxes due or to become due on the transferred property on the first day of September of the current calendar year. These funds should not be released until the former owner or seller produces either a receipt from the Tax Collector’s Office showing the taxes have been paid or a certificate that no taxes are due. If the purchaser or successor in business fails to withhold a sufficient amount and the taxes remain unpaid after the 30-day period allowed, the purchaser or successor is personally liable for the amount of unpaid taxes.