Agenda - 05-21-1997 - 5a - Laserfiche WebLink

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Full Text of Senate Bill 469-Cab...venue Options for Schools. (Local) http:/twww.ncga.state.nc.us/.htmi1997/bills/senate/sbi10469.full.html 163-287. 36 (b) Public Hearing. - - The board of commissioners shall hold a public hearing on the question at least 30 days before the date the election is to be held. At the hearing, the board shall provide information on the public school building capital projects for which the tax revenue would be expected to be used, the approximate cost of each project, the approximate savings that could be realized by avoiding debt financing, and the fact that the tax expires automatically after 10 years. (c) Ballot Question. - - The form of the question to be presented on a ballot for a special election concerning the levy of the tax authorized by this Article shall be: [ ] FOR ( J AGAINST temporary county real property transfer tax at the rate of one dollar ($1.00) on each one hundred dollars ($100. 00) of value or consideration, to be used only for public school capital projects. (d) Subsequent Elections. - - If a county has previously levied a tax under this Article and the tax is no longer in effect, the county may levy a new tax in accordance with this Article. An election regarding the levy of a subsequent tax may not be held, however, earlier than 90 days after the expiration or repeal of the previous tax under this Article. "S 205-228.52. Levy and collection of tax. If the majority of those voting in a referendum held pursuant to this Article vote for the levy of the tax, the board of commissioners of the county may, by resolution, levy an excise tax on instruments conveying interests in real property located in that county at the rate of one dollar ($1.00) on each one hundred dollars ($100. 00) of the consideration or value, whichever is greater, of the interest conveyed, including the value of any lien or encumbrance remaining on the property at the time of sale. This tax is in addition to the tax levied by Article BE of this Chapter. Upon adoption of the resolution, the board of commissioners shall send a certified copy to the register of deeds of the county. Collection of the tax, and liability therefor, shall begin and continue only on and after the first day of a calendar month set by the board of county commissioners in the resolution levying the tax, which may not be earlier than the first day of the second succeeding calendar month after the date the resolution is adopted. 115 205-228.53. scope and administration of tax. A tax levied under this Article does not apply to transfers exempt pursuant to G.S. 105-228.28 or G.S. 105-228.29 from the tax levied by Article BE of this Chapter. A tax levied under this Article applies to transfers of interests in real property located within the taxing county, except that if the property is located in two or more counties, a transfer of an interest in the property is taxable only by the county in which the greater part of the property, with respect to value, lies. A tax levied under this Article is payable by the transferor of the interest. The county register of deeds shall credit the proceeds of the tax to the county's general fund. The provisions of G.S. 105-228.31 through G.S. 105-228.36 apply to a tax levied under this Article. "S 105-228.54. Use of proceeds. (a) Use. - - A county may use taxes collected under this Article only for public school building capital outlay projects including the planning, construction, reconstruction, enlargement, improvement, repair, or renovation of public school buildings and for the purchase of 4 of 6 05/15/97 09:10:14