GENERAL ASSEMBLY OF NORTH CAROLINA
SESSION 2011
S 1
SENATE BILL 107
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Short Title: Tax of Improved Prop. in Roadway Corridors. |
(Public) |
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Sponsors: |
Senators Brunstetter and Garrou. |
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Referred to: |
Finance. |
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February 23, 2011
A BILL TO BE ENTITLED
AN ACT to reduce the property tax owed for improved property inside certain roadway corridors.
The General Assembly of North Carolina enacts:
SECTION 1. G.S. 105-277.9 reads as rewritten:
"§ 105-277.9. Taxation of property inside certain roadway corridors.
Real property that lies within a transportation corridor
marked on an official map filed under Article 2E of Chapter 136 of the General
Statutes is designated a special class of property under Article V, Sec. 2(2)
of the North Carolina Constitution and is taxable at twenty percent (20%) of
the general tax rate levied on real property by the taxing unit in whichappraised
value of the property is situated if:if each of the following
requirements is met:
(1) As of January 1,
no building or other structure is located on the property; andproperty.
(2) The property has not been subdivided, as defined in G.S. 153A-335 or G.S. 160A-376, since it was included in the corridor."
SECTION 2. Article 12 of Chapter 105 of the General Statutes is amended by adding a new section to read:
"§ 105-277.9A. Taxation of improved property inside certain roadway corridors.
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 Article 2E of Chapter 136 of the General Statutes is designated a special class of property under Article V, Sec. 2(2) of the North Carolina Constitution and is taxable at fifty percent (50%) of the appraised value of the property if the property has not been subdivided, as defined in G.S. 153A-335 or G.S. 160A-376, since it was included in the corridor."
SECTION 3. This act is effective for taxes imposed for taxable years beginning on or after July 1, 2011.