You’ve Received an Incorrect Business Property Tax Listing Assessment- Now What?
In October, North Carolina county property tax offices send out business property tax assessments for property tax on items like computers, desks, etc. Those assessments are based upon property tax listings that must be submitted to the county by January 31st.
What if your county doesn’t have a property tax listing submission from you? In New Hanover County, if they do not have a property tax listing for the current year and you didn’t have a listing in the prior year, they will assess you a value based upon some unknown formula. It usually seems to be somewhere in the range of $40,000-$60,000 worth of equipment.
Why would they not have a property tax listing for you? There are a couple of reasons:
-You did not submit a listing. This rarely happens with our clients as we have a process for businesses that includes this.
-They lost or did not process your submission.
-You did not know that you needed to submit one. This most often happens with a new entity that is not active. If you have an LLC or Inc you are not using you would not consider it an active business, while New Hanover County combs the Secretary of State business registrations to look for entities without business listings.
What do you do if you received a notice? We can help you navigate that process- whether it is submitting a listing or corresponding with the county property tax office to let them know that the business is not active and does not have any business assets.