What is the law regarding property taxes in North Carolina?

In North Carolina, property taxes are indeed based on the assessed value of the property, which is determined by local tax assessors. The assessed value reflects what the property is deemed worth in the eyes of the law, and property taxes must be paid annually based on this valuation. This system ensures that property owners contribute to local funding, such as schools, infrastructure, and public services, based on the value of their property holdings.

The requirement for annual payment provides a consistent revenue stream for local governments, which is essential for maintaining services and infrastructure. Additionally, property tax assessments sometimes include a periodic revaluation process to keep the assessed values current, yet the fundamental principle remains that the taxes are tied directly to property value rather than income, making the option that states property taxes are voluntary and based on local rates incorrect as well.

This clear and structured approach helps support the revenue needs of local governments while also ensuring equity among property owners.