There are no local income taxes in North Carolina. There is only one assessment in each county. The value as determined by the county assessor constitutes the base for all levies, including those of cities and towns on property located within the municipality. This is largely because real property is required to be revalued every eight years, although counties may revalue earlier. Property appraised at full value at the time of appraisal may appreciate until appraised value is only 50 or 60 percent of true value by the end of the eight-year period.
Actual ratios vary from county to county.
Under this procedure the machinery is valued at replacement cost each year and then depreciated according to its age and expected life. Property taxes are based on assessments as of January 1, are due September 1, but may be paid at par as late as January 5 of the following year. The rate may be lower after the entity comes under experience rating. The minimum tax rate may be lower after the entity comes under experience rating. Tax is paid when the vehicle is purchased or titled in North Carolina.