THIS STORY IS PRESENTED IN PART BY DRAKE DENTISTRY
-Information courtesy the Vance County Tax Office
The Vance County Tax Office announces important individual personal property and business personal property tax deadlines for the 2019 tax year. The office is located at 122 Young Street, Suite E in Henderson, inside the County Administration building. For additional information, please visit the tax administration’s website (click here).
IMPORTANT DATES TO REMEMBER
January 6, 2020: Last day to pay before interest is added. 2% interest will be added beginning January 7 and an additional 3/4 to 1% each month thereafter.
January 1 – January 31: Application period for Exemptions and Present Use Value
January 1 – June 1: Application period for Tax Relief Programs
North Carolina offers three property tax relief programs for the permanent residence of qualified homeowners. A permanent residence includes the dwelling, dwelling site (up to one acre) and related improvements.
- Elderly or Disabled Exclusion: Applicants must be 65 years of age or totally and permanently disabled. In addition, the total income for 2019 for both an applicant and spouse cannot exceed $31,000. For unmarried joint property owners, each owner must apply separately and benefit limitations may apply based on the percent of ownership.
- Disabled Veteran Exclusion: 100% total and permanent service-connected disabled Veterans, discharged under honorable conditions, or their unmarried surviving spouse, may be eligible for a reduction in property tax. There is no age or income limitation on this program.
- Circuit Breaker Tax Deferment Program: Applicants must be 65 years of age or totally and permanently disabled. The total income for 2019 for both an applicant and spouse cannot exceed $46,500. For unmarried joint property owners, each owner must apply and qualify separately. In addition, all owners must have owned and occupied the residence for the past five years. Application must be made each year. Deferred taxes are a lien on the property. Three years of deferred taxes will become due upon a disqualifying event.
Individual Personal Property
North Carolina General Statutes require all individuals owning personal property on January 1 of each year to annually list that property which is subject to taxation. The listing period is from January 1 through January 31.
Individual Personal Property includes:
- Unlicensed vehicles (those not having an active NC registration on January 1)
- Boats, Boat Motors, Jet Skis, etc.
- Mobile Homes
- Aircraft
- Vehicles with permanent multiyear tags issued by the NCDMV
Business Personal Property
Business Personal Property is all property used in connection with the operation and production of income that has not been classified as real property. Any individual or business owning or possessing personal property used with a business or other income-producing purpose (ex: rental homes) is responsible for completing a listing form by January 31 unless they have been granted an extension. Extensions may be requested in writing before January 31 and the extension will be granted until April 15. By law, no extension can be granted beyond April 15.
Business Personal Property includes:
- Machinery and equipment
- Fixtures and furniture
- Computers
- Leasehold improvements
- Construction in progress
- Supplies
- Expensed items
If you received a listing form in the previous year, one will automatically be mailed to you at the last address of record. You should receive this preprinted form by the end of December or the first week of January. If you do not receive the form and have property that requires listing, it is your responsibility to obtain and complete a Personal Property Listing form.
