Are you aware of the annual professional real estate privilege license tax required by the North Carolina Department of Revenue, which is in addition to the license fee required by the Real Estate Licensing Board?

Under G. S. 105-41 of the Revenue Laws, this privilege license tax is required of

". . . every person, whether acting as an individual, as a member of a partnership, or as an officer and/or agent of a corporation, who is engaged in the business of selling or offering for sale, buying or offering to buy, negotiating the purchase, sale or exchange of real estate, or who is engaged in the business of leasing or offering to lease, renting or offering to rent, or of collecting any rents as agent for another for compensation. . . . "
(Emphasis added.)

The license tax is due each July 1 at the rate of $25, except the rate is $12.50 for persons deriving no more than $1,000 gross receipts from this activity during the preceding license year. The license year dates from July I through June 30 and persons beginning this activity on or after January I of the tax year may prorate the license rate by one-half. Upon payment of the tax, an annual statewide license, in the individual real estate broker's or salesman's name and not in a company name, is issued. Persons 75 years of age or older, however, are specifically exempted from this license.

Please contact the branch office of the North Carolina Department of Revenue (listed in this BULLETIN) located nearest you or the License and Excise Tax Division in Raleigh for additional information or in making proper remittance for license taxes due.