Business Listings - What are the penalties for filing late or not listing all taxable property?

If taxable property is not listed on time or is omitted from a listing, North Carolina law requires penalties to be applied.

A penalty of 10% of the tax is added for the earliest year in which the property was not listed. An additional 10% of that same tax amount is added for each subsequent listing period that passes before the property is discovered. This means penalties can increase the longer the property goes unreported.

Example: If a piece of equipment is purchased during 2023, it should be listed for taxes by January 31, 2024. If it is not listed and the County discovers the property through a compliance review conducted in 2026, the property will be listed for taxes and incur a 30% penalty on the 2024 value, a 20% penalty on the 2025 value (since it was never listed, it must be added to each year), and a 10% penalty on the 2026 value.