What is supplemental tax?
State law requires the Assessor’s Office to reappraise real property upon change in ownership or completion of new construction. The Assessor’s Office must issue a supplemental assessment, which reflects the difference between the prior assessed value, and the new assessment. This value is prorated based on the number of months remaining in the fiscal year, ending June 30. An increase in value will result in a supplemental tax bill reflecting the change in value for the balance of the tax year. In some cases, the market value is higher than the owner’s assessed value in effect as of the January 1 lien date. If this situation occurs, a supplemental tax bill will be issued. Additionally, a supplemental assessment must be made to reflect that new assessed value for the remainder of the fiscal year in which the activity occurred. Due dates for supplemental tax bills depend on when the bill is mailed. All supplemental tax bills are in addition to the annual tax bill. A decrease in value wil
Related Questions
- I bought a house in the last year and just got my property tax bill, but I also received two supplemental tax bills. Whats going on?
- Mooresville Graded Schools receive a special supplemental tax paid by Mooresville residents, so how come they need even more money?
- When are supplemental tax bills mailed?
