The 53 year old, who is currently an assistant coach with the Utah Jazz, coached the Wolfpack from 2006 to 2011.
Agents with the North Carolina Department of Revenue filed three misdemeanor counts of willful failure to file a North Carolina tax return against Lowe - who owns a home in Wake Forest - covering the years 2009 through 2011.
Lowe made no comment to ABC11's Joel Brown as he climbed into an airport taxi outside his home Monday afternoon.
During Lowe's tenure at NC State, he had an 86-78 overall record, but just 25-55 in Atlantic Coast Conference play. He inherited a program coming off five straight NCAA tournament trips, but he never finished higher than ninth in the ACC despite twice being picked to finish in the top third of the 12-team league.
His resignation in 2011 came less than a week after N.C. State closed its second losing season under the former point guard who led the Wolfpack to an improbable national championship in 1983.
Lowe was one of the most beloved figures in program history after being a part of the "Cardiac Pack" team that upset Houston on a last-play dunk to win the 1983 title under Jim Valvano.