Bill Summary for S 159 (2015-2016)

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Summary date: 

Mar 3 2015

Bill Information:

View NCGA Bill Details2015-2016 Session
Senate Bill 159 (Public) Filed Tuesday, March 3, 2015
AN ACT TO REQUIRE PAYMENT OF ADDITIONAL TAXES BY THE APPROPRIATE OWNERS OF RECORD FOR CORRECTED REVALUATIONS AND TO PROVIDE OPTIONS FOR THE DISPOSITION OF MINIMAL PROPERTY TAX REFUNDS.
Intro. by Tarte, Rucho.

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Bill summary

Amends Section 3 of SL 2013-362 (correcting general reappraisals resulting in property values that do not comply with the requirements of North Carolina law by setting forth the steps required to bring the general reappraisal into compliance with the applicable property tax mandates) as follows. Amends the way that additional taxes levied on parcels as a result of errors causing the parcels to have an understated value are treated as follows. Requires in instances of parcels that have not been transferred in any tax year for which errors requiring reappraisal under the act resulted in an underpayment of taxes that the taxes be treated as taxes on discovered property. Requires in instances of parcels that have been transferred in a tax year for which errors requiring reappraisal under the act resulted in an underpayment of taxes that the taxes for each tax year before and in the fiscal year in which the transfer occurred be collected using only the remedies in GS 105-367 (procedure for levy) and GS 105-368 (procedure for attachment and garnishment) against the owner of record as of January 1 of each tax year for which taxes are unpaid. Provides that there is no lien on the property for underpaid taxes arising in a year in which the property is owned by a person other than the current owner as of January 1 of that year, and the current owner is not held personally responsible for the underpaid taxes. Underpaid taxes are to be treated as taxes on undiscovered property.