North Carolina General Statutes require that real estate be assessed at 100% of its market value as of January 1 of each reappraisal year. The assessment of new construction is based on its percent of completion as of January 1. The real property office is responsible for the valuation of all real estate and also administers the Present Use Valuation Program, Property Tax Relief, and tax exemptions.
Real estate includes land, buildings, structures, and improvements. A manufactured home located on land owned by the owner of the manufactured home is also considered to be real estate when the axles and hitch are removed and located on a permanent foundation. Concrete pillars are considered a permanent foundation. During the listing period (January 1 - January 31 of each year), property owners are required to list any new buildings, additions, improvements, or deletions that occurred during the previous year. Obtaining a construction permit does not fulfill this requirement. Painting, re-roofing, and landscaping are considered maintenance and do not require a listing form. Ownership of real estate is established on January 1 of the tax year. Transfer of ownership during the year does not relieve the seller of tax liability. Taxes that are prorated at the time of closing are part of a private contract between buyer and seller. If you have questions about how your taxes were prorated, contact your realtor or closing attorney.