DISQUALIFY CERTAIN PROPERTY FROM PUV.

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View NCGA Bill Details2017-2018 Session
House Bill 264 (Public) Filed Tuesday, March 7, 2017
AN ACT TO DISQUALIFY CERTAIN PROPERTY FROM THE PRESENT-USE VALUE CLASSIFICATION.
Intro. by Dixon, J. Bell, Collins, Adams.

Status: Ref to the Com on Energy and Public Utilities, if favorable, Finance (House Action) (Mar 8 2017)
H 264

Bill Summaries:

  • Summary date: Mar 7 2017 - View Summary

    Current law provides for land meeting the conditions for classification under GS 105-277.3, which details classifications for agricultural, horticultural, and forestland, to be classified and taxed based on the value of the land for its present use. Properties meeting the present-use value classification have the difference between the tax due on the present-use basis and the tax that would have been payable absent the classification, as well as other specified costs, accrue and carry forward in the records of the taxing unit as deferred taxes that become due and payable as detailed in the statute when the property loses its eligibility due to a disqualifying event. This act adds to the existing disqualifying events of either the land failing to meet any condition or requirement for present-use value classification or an application is not approved. Establishes that a property loses its eligibility for deferral when a solar energy electric system receiving the exclusion under GS 105-275(45) (excluding from the tax base 80% of the appraised value of a solar energy electric system) is located on the land, and the energy generated by the system is not solely used by the owner for the benefit of the land.

    Effective July 1, 2017.