Agenda - 04-05-1993 - VII-C - Laserfiche WebLink

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fi(i-P 4/V93 ORANGE COUNTY TAX SUPERVISOR'S OFFICE r 3 208 SOUTH CAMERON STREET HILLSBOROUGH, NORTH CAROLINA 27278 KERNIIT LLOYD Tax Super- 5°r MEMORANDUM TO: Board of County Commissioners FROM: Kermit Lloyd, Assessor, SUBJECT: Implementation of Motor Vehicle Taxation Changes DATE: April 1 , 1993 Responding to the loss of revenue caused by many vehicle owners failing to list their motor vehicles for property taxes, and the high administrative cost of discovering those vehicles and collecting delinquent taxes , the North Carolina General Assembly has enacted new laws governing how property taxes will be paid on registered vehicles in the future. Beginning in 1993 , vehicle owners will no longer list registered vehicles on their tax listing forms in the month of January each year. Instead the vehicle owner will receive a tax notice for the vehicle approximately 3 months after the vehicle is registered with the Department of Motor Vehicles . Each month, the Department of Motor Vehicles will send a list of registered vehicles to each county Assessor' s Office. The appraised value of the vehicle will be determined as of January 1 of the current year, and the tax bill will be calculated based on the tax rate in effect for the registration month. Once the notice is mailed, the taxes become due the 1st day of the fourth month following the registration month. If the bill is not paid within a month after the date on the notice, interest will accrue at the rate of 3/4 percent a month. If the taxes are not paid before the next registration period, the Dept . of Motor Vehicles will be notified by the Collector' s Office and renewal will be denied until delinquent taxes are paid. If a vehicle owner trades vehicles and transfers the registration plates to another vehicle, he is still liable for the taxes due on the first vehicle for that year. The new owner does not become liable until the vehicle is registered in his name. If the registration plate is