North Carolina law requires business and professional personal property to be listed with the assessor on a listing form approved by the Department of Revenue. The assessment date for all personal property subject to this listing is January 1 of each tax year. All personal property owned and subject to this listing must be reported for ad valorem taxation unless specifically exempt by statute. It is the responsibility of the owner of the personal property to comply with and meet all the appropriate filing requirements.
The Business Personal Property Section of the Department of Property Assessment and Land Records Management (PALRM Department) is responsible for listing, appraising and assessing business and professional personal property for ad valorem taxation. Business listing forms are mailed on the last day of December to all businesses assessed and appraised, and/or newly licensed during the previous calendar year. Taxable business and professional personal property is to be itemized and listed on the approved listing form during the month of January. Failure to list by January 31st will result in a 10% late listing penalty. Extensions may be granted for listing upon written request and for good cause shown per NCGS 105-307. The extension must be requested in writing prior to the end of the regular listing period. No extension can be granted beyond April 15. Extension requests must list each existing account number and physical location.
In accordance with North Carolina General Statute 105-308, any person who willfully attempts, or who willfully aids or abets any person to attempt in any manner to evade taxation shall be guilty of a Class 2 misdemeanor. The failure to list will be prima facie evidence that the failure was willful. It is the responsibility of the taxpayer to obtain forms from the Business Personal Property office for any business which you have not received a tax form in the mail. Forms may be obtained by calling our office at 704-336-6382, visiting our offices at 700 East Stonewall Street, Suite 202, or printing the online form.
Closed/Sold Businesses
If a business is being sold or closed, North Carolina General Statutes requires all taxpayers to give notice to the tax collector and tax assessor at least 48 hours prior to the date of the pending sale, transfer, or termination of the business. The Business Personal Property tax bill is based on who owns the assets as of January 1 of that year. This bill is not prorated and must be paid before the business is closed or sold. The Business Personal Property office requires contact information (including telephone number) of the closed or sold business owner. For more information or questions regarding closed/sold businesses, please contact the Business Personal Property Tax office at 704-336-6382.
