Amends GS 105-277.9 to provide that real property that lies within a transportation corridor marked on an official map filed under the Transportation Corridor Official Map Act (Map Act) is designated a special class of property under the North Carolina Constitution and will be taxable at 20% of the appraised value of the property (rather than 20% of the general tax rate levied on real property by the taxing unit where the property is situated) if two requirements are met, as specified.
Enacts new GS 105-277.9A to provide that real property on which a building or other structure is located and that lies within a transportation corridor marked on an official map filed under the Map Act is designated a special class of property under the North Carolina Constitution and will be taxable at 50% of the appraised value of the property if the property has not been subdivided, as defined in GS 153A-335 (definition for counties) or GS 160A-376 (definition for cities), since it was included in the corridor.
Effective for taxes imposed for taxable years beginning on or after July 1, 2011.