Transfer Of TitleTaxesMEDIUM
A listing broker in Apex is sorting out a file issue involving property tax listing, January 1 rules, and tax-bill calculations. Which statement best applies under current North Carolina law?
Correct Answer
C) 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.
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.
Answer Options
A
County billing practice makes contract proration rules irrelevant under current North Carolina rulesB
Because counties use a fiscal year, Form 2-T automatically prorates taxes on a fiscal-year basis.C
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.D
Calendar-year proration can never appear in a North Carolina contract question under current North Carolina rulesWhy This Is the Correct Answer
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Related Topics & Key Terms
Key Terms:
difficulty_3nc_property_tax_conveyance_taxnc_statenorth_carolinaproperty_taxproperty_tax_listing_january_1_and_bill_calculationprorationscenario_traps_edge_cases_and_enforcementtax_bill
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