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Discovery or Immaterial Irregularity

Discovery or Immaterial Irregularity. Gregg Martin Property Valuation Specialist NCDOR 2011 Advanced Seminars. Discovery of BPP. G.S. 105-312

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Discovery or Immaterial Irregularity

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  1. Discovery or Immaterial Irregularity Gregg Martin Property Valuation Specialist NCDOR 2011 Advanced Seminars

  2. Discovery of BPP • G.S. 105-312 • “G.S. 105-273(6a) Discovered Property.-Any of the following: a. Property that was not listed during a listing period. b. Property that was listed but the listing included a substantial understatement. c. Property that has been granted an exemption or exclusion and does not qualify for the exemption or exclusion.”

  3. Discovery of BPP • No abstract, no contact with county • Taxpayer format with no abstract • Not disclosed on abstract-no attachment • Disclosed on abstract along with attachment

  4. Discovery of BPP • Discovery by way of roll forward of account

  5. Discovery of BPP • Assessor must list the discovered property in the name of the owner • Assessor must make a tentative appraisal of the discovered property • Statute of limitations is current year plus five previous years • Penalty is required to be applied to discovered property

  6. Discovery of BPP • Penalty is 10% for each listing period the property escaped taxation

  7. Discovery Notice • Notice must include: • Name and address of the person in whose name the property is listed • Brief description of the property • Tentative appraisal of the property • Statement that listing will become final unless written exception is filed with the assessor within 30 days from the date of the notice

  8. Discovery Notice • Separate notice prior to billing • Using the bill as the notice • Not applying penalty

  9. Immaterial Irregularity • “G.S. 105-394 Immaterial irregularities in the listing, appraisal, or assessment of property for taxation or in the levy or collection of the property tax or in any other proceeding or requirement of this subchapter shall not invalidate the tax imposed upon any property or any other process of listing, appraisal, assessment, levy, collection or any other proceeding under this Subchapter.”

  10. Immaterial Irregularity • “(3) The failure to list, appraise, or assess any property for taxation or to levy any tax within the time prescribed by law.”

  11. Immaterial Irregularity • Not disclosed on abstract no attachment • Not disclosed on abstract-on attachment • Disclosed on abstract along with attachment • Taxpayer format with no abstract

  12. Immaterial Irregularity • Statute of Limitations • Notification • Explanation of action • Billing

  13. Reporting Real Estate Business Personal Property Abstract

  14. Real Property on Personal Abstract • Alert Personal Staff to plant expansions • Additional BPP may be anticipated • Discuss expansions with real property staff • Proactive contact with taxpayer • Possibility of CIP

  15. Real property on Personal Abstract • Single line for amount only • State approved abstract and Schedule H • The failure to report improvements is subject to discovery • The failure to list, appraise and assess improvements to real estate that have been reported is an immaterial irregularity

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