Rollbacks

Billing Deferred Taxes Due to Removal from Present-Use Value (PUV) (Rollback)

When a property is removed from the present-use value program, either voluntarily or involuntarily, the deferred taxes for the year of disqualification (usually the current year) and the three previous years with accrued interest become immediately due and payable. Interest accrues on each year’s taxes as if they had been payable on the dates on which they had originally become due, and both the principal and interest are due and payable when the property is removed from the program.

1. Voluntary Disqualification from Present-Use Value Classification

A. Only the current owner(s), an owner’s authorized attorney, and an officer of a corporation or LLC, or a trustee may sign the request.

B. Once a signed request is submitted to the Wake County Department of Tax Administration, the request cannot be rescinded or reversed.

C. Upon disqualification, present-use value classification will be removed, and the property will be billed at full market value.

D. Deferred taxes with interest will become immediately due and payable for the preceding three fiscal years.

2. Voluntary Payment of Deferred Taxes without Requesting Disqualification from the program

A. Only the current owner(s), an owner’s authorized attorney, and an officer of a corporation or LLC, or a trustee may sign the request.

B. Once a signed request is submitted to the Wake County Department of Tax Administration, the request cannot be rescinded or reversed.

C. The property remains active for the present-use value classification.

D. Deferred taxes with interest will become immediately due and payable for the preceding three fiscal years.

3. Estimate of Deferred Taxes

A. Any interested party may request an estimate of deferred taxes.

B. The property remains active for present-use value classification.

C. The request will not cause taxes to become immediately payable.

D. The estimate of tax and interest is a true representation of the bill(s) as of a given date.