It’s almost the time of year again to list your Personnel Property and Business Property taxes. Property tax listing for 2010 will begin on Monday, January 4th and continue through Monday, February 1, 2010.
North Carolina General Statutes require that all persons owning property on January 1 of each year that is subject to taxation must list this property annually with the county assessor's office in the county in which the property is located.
You are not required to list real estate properties in Lincoln County, it will be automatically listed by the Tax Department. However, real estate owners must list additions or improvements to real property. Any property owner who adds a new structure or who builds an addition must report that change to the Tax Department. Such improvements as (but not limited to) building a deck, finishing a basement, adding a porch, building a carport, garage, bam, fishing/boating pier or dock, or storage buildings 'are a few examples of additions tu property. Failure to report improvements may result in additional taxes and penalties. Routine repairs and maintenance to real estate need not be reported. Examples of routine repairs and/or maintenance are such things as (but not limited to) painting, replacing carpet, repairing roofs, replacement of fixtures, and other similar repairs. Routine repairs and maintenance do not include major remodeling projects wherein the structure of the building is significantly altered or updated.