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Personal Property Tax Listing

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Personal Property Tax Listing & Collection Issues Chris McLaughlin Assistant Professor, UNC SOG mclaughlin_at_sog.unc.edu 919.843.9167 Football Follies * In 2012, the ... – PowerPoint PPT presentation

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Title: Personal Property Tax Listing


1
Personal Property Tax Listing
Collection Issues
  • Chris McLaughlin
  • Assistant Professor, UNC SOG
  • mclaughlin_at_sog.unc.edu
  • 919.843.9167

2
Football Follies
3
In 2012, the UNC football team will lead the ACC
in which category?
  1. Wins.
  2. Sham classes.
  3. NCAA violations.
  4. 2 or 3.

4
At least we lose honorably.
5
Connection Between Appraisals, Listings,
and Collection
  • Liens on Real Property
  • Responsible Taxpayer

6
What is a Lien?
  • The right to satisfy a debt out of a particular
    piece of property
  • Lien be created by
  • Contract
  • Court order
  • Statute

7
When Do Property Tax Liens
Attach?
  • GS 105-355
  • Real Property January 1
  • No recording or filing required
  • Personal Property date of levy
  • No lien on PP until collector seizes it!

8
Liens on Real Property
  • They include
  • Taxes on RP itself
  • Taxes on personal property owned by same taxpayer
    in the same jurisdiction as Jan. 1 (GS
    105-355(a))
  • They do NOT include
  • Taxes on RMVs (GS 105-330.4(c))
  • Taxes on other parcels of real property

9
Liens on Real Property
  • Required for foreclosure
  • Survive transfer
  • Super-priority
  • Paid before mortgage liens

10
Trump Comes to Town
11
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12
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13
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14
The Village People!!
15
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16
Taxes on which of the following property create a
tax lien on Trumps Dare County beach cottage?
  1. His 2012 Corvette registered in Dare County .
  2. The boat moored in Dare County.
  3. His Village People albums kept at the cottage.
  4. The Charlotte penthouse apartment.
  5. All of the above.

17
Liens on Personal Property
  • Attachment and Garnishment
  • Any owed to responsible taxpayer
  • Wages, bank accounts, rents
  • Levy and Sale
  • Any tangible personal property owned by
    responsible taxpayer
  • Collector must seize and secure
  • Does not need to be the property that generated
    the delinquent taxes

18
Who is the Responsible Taxpayer?
  • Taxes on Personal Property (previous) Jan. 1
    listing owner.
  • Taxes on Real Property record
    owner on date taxes became delinquent
    (Jan. 6) and all subsequent
    owners

19
Trump sells his beach house to Paris Hilton in
December 2012. The 2012 property taxes become
delinquent. May the tax collector
  1. Seize sell Trumps boat.
  2. Levy sell Paris Hummer.
  3. Foreclose on the house.
  4. 2 3.
  5. Any of the above.

20
Trump sells his boat to Coach K in December 2012.
The 2012 property taxes on the boat become
delinquent. May the tax collector
  1. Seize sell Trumps Corvette.
  2. Seize and sell the boat.
  3. Garnish Coach Ks wages.
  4. 2 3.
  5. All of the above.

21
Listing and Collections
  • May correct names of listing taxpayers at any
    time retroactively without time limit
  • GS 105-302(b) and 105-306(b)
  • Discoveries are a tax for the fiscal year in that
    opens in the calendar year of the discovery is
    made
  • GS 105-312(i)

22
Listing and Collections Scenario 1
  • Trumps fails to list his speed boat for taxes in
    2012, 2013 and 2014.
  • Trump sells his boat to Coach Roy in 2014.
  • Boat discovered in late 2014.

23
Whose name should be on the discovery bill?
  1. Trump.
  2. Coach Roy.
  3. Both.

24
If the discovery bill is not paid, who is
responsible for those taxes?
  1. Trump.
  2. Coach Roy.
  3. Both.

25
Listing and CollectionsScenario 2
  • Trump builds a 10,000 sq. ft. boat house on his
    Dare County property in 2012.
  • He never lists the boat house for taxes.
  • Trump sells house to John Edwards in 2014.
  • Boat house discovered in 2015.

26
Whose name should be on the discovery bill?
  1. Trump.
  2. Edwards.
  3. Both.

27
If the discovery bill is not paid, who is
responsible for those taxes?
  1. Trump.
  2. Edwards.
  3. Both.

28
Listing and CollectionsScenario 3
  • Trump has never listed his boat for taxes.
  • In 2012 Trump sells his beach house to Dean
    Smith.
  • Boat discovered in 2013.

29
Is the discovery bill for the boat a lien on the
beach house?
  1. Yes
  2. No

30
Personal Property Discoveries Following Sale of
Real Property
  • GS 105-306(b) states that listing records can be
    changed retroactively
  • GS 105-355 states that liens can arise
    retroactively when corrections are made
  • But . . . GS 105-312 states that discoveries are
    considered part of the levy for the fiscal year
    that opens in the calendar year of discovery (not
    retroactive)
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