Transfer Of TitleTaxesMEDIUM
A provisional broker in North Carolina is reviewing property tax listing, January 1 rules, and tax-bill calculations. Which statement is NOT accurate under current North Carolina law?
Correct Answer
D) Property tax is computed by dividing assessed value by 500 and multiplying by one dollar under current North Carolina rules
This choice is the inaccurate statement. The other three options describe the current North Carolina rule or guidance more accurately.
Answer Options
A
North Carolina property tax is locally assessed and collected by counties, even though the Department of Revenue provides statewide oversight.B
Although counties operate on a fiscal year, exam questions often distinguish that annual ad valorem taxes and contract prorations may use calendar-year treatment under the standard contract.C
The regular listing period for taxable personal property is generally in January, though county commissioners may allow extensions as provided by law.D
Property tax is computed by dividing assessed value by 500 and multiplying by one dollar under current North Carolina rulesWhy This Is the Correct Answer
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Why the Other Options Are Wrong
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Related Topics & Key Terms
Key Terms:
core_rules_and_definitionsdifficulty_3listing_periodnc_property_tax_conveyance_taxnc_statenorth_carolinaproperty_taxproperty_tax_listing_january_1_and_bill_calculationprorationreversetax_bill
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