2023 North Carolina interest rate increase

Hi everyone, it's already December, so I hope you're already into or getting into the spirit of the Holidays ! I know that I am, and know that tax season will be upon us soon enough.

North Carolina recently announced that its interest rate for 2023 will increase from 5% to 7% for the upcoming year. That's quite a jump, and no doubt due to the dramatic inflation times that we are in. This interest rate applied both for overpayments and for assessments of tax.

Did you know that by law, the rate can never go below 5% or above 16%? Pretty random...let's hope it never goes near that upper range !

Have a wonderful rest of the year 2022 !