What you Need to Know about your Taxes
Oliver Wendell Holmes once said “I like to pay taxes. With them I buy civilization.” Local governments in North Carolina are very limited by the State as to the options they have to generate revenue to pay for services. One significant authorized source is property taxes.
So How are Taxes Administered and Why?
The North Carolina General Assembly has outlined the tax laws that local governments must use within section 105 of the General Statutes. This section gives governments within the state of North Carolina power to levy property taxes to help fund services
The statutes provide uniform standards for appraisal and assessment so that property taxes are applied fairly. Local governments are given very little flexibility to vary from these standards. Real and personal property is valued at its “true value” or market value. The book value of a property is never used for valuation and appraisal. In CabarrusCounty property is normally revalued every 4 years. The General Statutes dictate revaluation must take place at least every 8 years.
Cabarrus County Tax Administration office maintains records of all taxable real and personal property within the county and is charged with assessing and appraisal of such property. They also coordinate the appeals of property values. The City of Concord receives its assessment information from Cabarrus County.
How are Taxes Collected and When?
In adherence to state law, taxes must be levied no later than August 1 each year and are levied on a fiscal year basis, covering the period of July 1 to June 30. While there is no legal requirement to send out tax bills, the City of Concord usually mails them in mid July to provide the land owner with notification and to help with collection. The General Statutes set September 1 as the due date. However, taxes due do not start accruing interest unless they are not paid by January 5 of the following year. Interest accrues at 2% for the month of January and ¾% for each month or partial month thereafter. Taxes on any property become a lien on that property that remains attached even when property is transferred to a new owner.
How the City Uses Your Tax Dollars
While proceeds from property taxes make up less than 23% of the City’s total budget revenues, they do fund 66% of the General Fund that pays for several basic City services. These services include police, fire, solid waste collection, traffic and transportation, planning and development services, code enforcement, parks and recreation, buildings and grounds maintenance, administrative services and others.
FAQs
When are taxes due? Tax payments are due starting September 1 and become delinquent if not paid by January 5 of the following year.
What is the tax rate? $.42/$100 valuation
Where can I pay my taxes? Tax payments are accepted at City Hall, online via the city website, or by mail to the remittance address on the tax bill. Credit Card payments are subject to a 2.75% convenience fee charged by Harbor Payments.
If I’m selling my property, do I have to pay the taxes? The closing attorney should be able to advise you on this, however if the taxes are not paid by the current owner, then the new owner is liable for the taxes after the sale.
What happens if I don’t pay my taxes? Unpaid taxes are advertised in the name of the listed taxpayer as of January 6 of the tax year. If taxes become delinquent, the taxing authority may immediately pursue other collection efforts including, but not limited to, wage and/or bank garnishments up to sale and foreclosure.
What if my taxes are received late but I mailed it on time? Payments are deemed to be received as of the U.S. Postal Service postmark date.
