Agenda - 09-15-2009 - 4e - Laserfiche WebLink

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Mr. John Smith Page 2 July 2, 2009 N.C. Gen. Stat. § 105-277.8. (Emphasis added.) {c) (£ffective for taxes imposed for taxable years beginning before July 1, 2008} Deferred Taxes. - Land meeting the conditions for classification under G.S. 105-277.3 must be taxed on the basis of the value of the land for its present use. The difference between the taxes due on the present-use basis and the taxes that would have been payable in the absence of this classification, together with any interest, penalties, or costs that may accrue thereon, are a lien on the real property of the taxpayer as provided in G.S. 105-355(a). The difference in taxes must be carried forward in the records of the taxing unit or units as deferred taxes. The taxes become due and payable when the land fails to meet any condition or requirement for classification. Failure to have an application approved is ground for disqualification. The tax for the fiscal year that opens in the calendar year in which deferred taxes become due is computed as if the land had not been classified for that year, and taxes for the preceding three fiscal years that have been deferred are immediately payable, together with interest as provided in G.S. 105-360 for unpaid taxes. Interest accrues on the deferred taxes due as if they had been payable on the dates on which they originally became due. If only a part of the qualifying tract of land fails to meet a condition or requirement for classification, the assessor must determine the amount of deferred taxes applicable to that part and that amount becomes payable with interest as provided above. Upon the payment of any taxes deferred in accordance with this section for the three years immediately preceding a disqualification, all liens arising under this subsection are extinguished. The deferred taxes for any given year may be paid in that year without the qualifying tract of land becoming ineligible for deferred status. N.C. Gen. Stat. § 105-277.4(c). (Emphasis added.) The above referenced parcels were "created" by the recording on September 20, 2004 of the Final Plat, Section Two - Phase A, Mill Creek II. This Final Plat was recorded in the Orange County Registry as Map 1 of 2 and Map 2 of 2 at Plat Book 96, Pages 16 and 17. Map 1 of 2 of the recorded plat (Plat Book 96, Page 16, Orange County Registry) contains a note designated Parcels 04 and O5, both of which parcels are shown on that page, "to be deeded to [a] Homeowners Association as permanent open space." There is no designation on either page 1 or page 2 of the plat as to the use of or limitation of use of Parcel 06 and Parcel 07, both of which parcels are shown on the plat recorded F:\Lisa\letters\John Smith ltr re Walker Mill Creek prop.doc