TO MODIFY THE CLASSES OF PROPERTY EXCLUDED FROM THE TAX BASE.
GS 105-275 currently designates several classes of property as special classes under Article V, Sec. 2(2), of the NC Constitution and, as such, they are exempt from property taxes. Act amends subsection (12) to include real property owned by a nonprofit corporation or association primarily (was, exclusively) held for (a) educational and scientific purposes as a protected natural area or (b) for one or more of the conservation purposes required for donated property to qualify for a credit pursuant to GS 105-151.12. Also makes technical changes to subsection (12).
Act also adds new subsection (29b) to exempt real property that is (a) owned by a nonprofit land conservation corporation and held exclusively for sale under a conservation agreement or (b) held by a nonprofit land conservation corporation for future sale or transfer to a local, state, or federal government unit for conservation purposes. Property may be classified under these two new exemptions for up to five years and if the property is not sold or transferred as required, the taxes are due and payable in accordance with GS 105-277.1F. Makes conforming changes to GS 105-277.1F(a).
Effective for taxes imposed for taxable years beginning on or after July 1, 2011.
© 2021 School of Government The University of North Carolina at Chapel Hill
This work is copyrighted and subject to "fair use" as permitted by federal copyright law. No portion of this publication may be reproduced or transmitted in any form or by any means without the express written permission of the publisher. Distribution by third parties is prohibited. Prohibited distribution includes, but is not limited to, posting, e-mailing, faxing, archiving in a public database, installing on intranets or servers, and redistributing via a computer network or in printed form. Unauthorized use or reproduction may result in legal action against the unauthorized user.