12.10.2014 Property Tax in North Carolina: The Discovery of Unlisted and Underlisted Property
Almost nothing causes more consternation in the property tax process than the receipt by a taxpayer of a “notice of discovery” issued by a county assessor. The increasing use by counties of contract auditors – some of whom work on a contingency fee driven by the size of the discovery – has not lessened taxpayer anxiety over the receipt of a notice asserting that it has failed to list, or that it underlisted, its assets for property tax assessment.