The property (or ad valorem) tax is an important source of revenue for local governments. Revenues are used to fund schools and vital services such as fire protection, law enforcement, public health, social services, and more.
The amount of property tax you pay is based upon the value of your property and the tax rate as determined by your County Commissioners. The Tax Assessor's Office determines the assessed value of all property in the County. The governing bodies of our county, city, and fire districts determine the spending priorities for their respective jurisdictions. The governing bodies will also determine the amount of revenue that will be available from all sources other than the property tax. The resulting tax rate is based upon the budgetary needs of the local governments after considering all other sources.
North Carolina law requires each county to reappraise real property (land, building and other improvements) at least every eight years. In Lincoln County, the County Commissioners have adopted a resolution to reappraise every 4 years. This lessens the shift in values that occurs over an eight-year period. This law also requires counties to appraise real property uniformly at its true value at which the property would change hands between a willing and financially able buyer and seller, neither being under compulsion to buy or sell and both having reasonable knowledge of all the uses to which the property is adapted and for which it is capable of being used.
(North Carolina General Statute § 105-283)
For additional information contact 704-736-8670.