Bill Summary for S 534 (2011-2012)

Printer-friendly: Click to view

Summary date: 

Apr 7 2011

Bill Information:

View NCGA Bill Details2011-2012 Session
Senate Bill 534 (Public) Filed Thursday, April 7, 2011
Intro. by Hartsell.

View: All Summaries for BillTracking:

Bill summary

Substantively identical to H 350, filed 3/14/11.

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.