NC Property Tax Exclusion Applies to Solar Energy Farms Under Construction August 23, 2018 Justin M. Hardy North Carolina Property Tax Law Monitor Since the tax exemption for solar energy electric systems was established, there has been debate among property owners and taxing jurisdictions about whether the exemption applies to systems that are under construction, but not yet in operation as of January 1 of the relevant tax year.
NC Senate Bill Would Slowly Eliminate Exclusion for Nonresidential Solar Energy Systems August 22, 2018 Justin M. Hardy North Carolina Property Tax Law Monitor If someone asked you to name the top states for solar power generation capacity, you would likely name California as one. Would you guess that North Carolina is #2, and has been since 2015? That's according to the Solar Energy Industries Association, which releases a capacity per state study each year.
Noteworthy North Carolina Property Tax Dates in 2018 April 3, 2018 John A. Cocklereece, Jr. North Carolina Property Tax Law Monitor Recently, Christopher B. McLaughlin of the UNC School of Government compiled an extensive timeline outlining important dates and deadlines for this year's property tax revaluation season. We've listed below the dates that we believe are the most important ones for you to be aware of this upcoming year. Monday, January 1, 2018 The first day of the 2018 - 19 listing period.
What if You Want to Appeal Your 2017 NC Property Tax Revaluation February 12, 2018 Justin M. Hardy North Carolina Property Tax Law Monitor The best time to file an appeal of the assessed value of your NC property is in the revaluation year of the applicable county. That’s because reductions are not retroactive — so a reduction resulting from an appeal filed in the year following the revaluation year has lost one full year of potential tax savings.
2018 is a Revaluation Year for 9 North Carolina Counties November 30, 2017 Justin M. Hardy North Carolina Property Tax Law Monitor For nine North Carolina counties, 2018 is a property tax revaluation year. For property tax purposes, each county in North Carolina is required to revalue all real property within its borders at least once every eight years. Revaluations for North Carolina's 100 counties are staggered so that not all counties are revaluing during the same year. Some counties elect to revalue property tax more frequently than the 8-year mandate—most commonly every four years.
TWO NC COUNTIES SEEK REPEAL OF PROPERTY TAX BREAK FOR SOLAR FARMS October 23, 2017 John A. Cocklereece, Jr. North Carolina Property Tax Law Monitor In order to promote renewable energy development, the NC legislature passed various incentives for the development of solar energy. One of these was NCGS Section 105-275(45), which provides that 80% of the appraised value of a solar energy electric system shall be excluded from taxation.
Common Property Tax Pitfalls for Industrial Companies October 6, 2017 Justin M. Hardy North Carolina Property Tax Law Monitor In our experience, industrial properties, like manufacturing facilities and warehouses, stand out as the most likely types of properties to be incorrectly assessed. In North Carolina, there are three recognized approaches to valuing property for property tax assessment purposes: the income capitalization approach, sales comparison approach and cost approach. The problem in assessing industrial properties is that assessors find it difficult to properly apply any of the three approaches to value.
Avoiding Double Taxation on Property Tax September 22, 2017 Justin M. Hardy North Carolina Property Tax Law Monitor When tax professionals hear the term "double taxation," they tend to think of income taxes paid twice on the same source of income — like when income is taxed at both the corporate level and the individual level. The term applies equally in certain property tax situations in North Carolina. Unlike in the corporate tax scenario, in the property tax scenario, double taxation is improper and illegal.
The Ins and Outs of Business Personal Property Tax August 16, 2017 John A. Cocklereece, Jr. North Carolina Property Tax Law Monitor The majority of property tax appeals concern arguments over the value of real estate—land and buildings such as commercial retail buildings, commercial office buildings, multi-family buildings, and industrial facilities. However, real estate is not the only type of property that is taxable for property tax purposes in North Carolina. Business personal property is also taxable for property tax purposes.
Forsyth County Commercial Property Tax Valuation Notices Are Coming Out July 26, 2017 John A. Cocklereece, Jr. North Carolina Property Tax Law Monitor While notices of Forsyth County property values are typically sent out in February or early March, Forsyth County's revaluation notices were not mailed until early April due to a computer glitch. When the notices came out, many commercial property notices stated: "Value Pending."
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