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______......, <br /> ,13.;.. <br /> Class C: A development rights agreement (easement) of ten years pro- <br /> hibiting development on all except three lots meeting min- <br /> imum Orange County Subdivision and Zoning Standards is re- <br /> quired. The payback period is the same as existing State Law. <br /> An added benefit is a ten percent reduction in the use value <br /> -:. assessment of the basis for taxation. <br /> 1) All Class C Farm units must quality for the N.C. Farm <br /> :.. Preferential Taxation Program. <br /> ,_ <br /> 2) The farmillist be covered by a 10-year development rights <br /> agreement prohibiting non-farm development on all but <br /> three lots meeting minimum Orange County Zoning and Sub- <br /> division Standards. <br /> 11' <br /> 3) Tax abatement benefits equal to a reduction in assess- <br /> ment to 90% of use value as a basis for taxation.1 <br /> 4) The payback period is equivalent to existing State Law. <br /> Class D: Class D is exactly like Class C except that the development <br /> rights agreement (easement) is twenty years, and the payback <br /> L is equivalent to the existing State Law, and the reduction in <br /> use value assessment is to 80%.1 An additional benefit is no <br /> property tax assessment would be made of new farm structures <br /> constructed on a Class D farm.' <br /> 1) Farm units must qualify for the N.C. Farm Preferential <br /> Taxation Program. <br /> 2) The farm must be covered by a 20-year development rights <br /> easement prohibiting non-fart development on all but three <br /> lots meeting minimum Orange County Standards. <br /> 3) Tax abatement benefit reduction in assessment equal to <br /> 80% of use-value as a basis for taxation.1 <br /> 7 4) The payback period is the same as the existing State Law. <br /> 5) No property tax assessment would be made of new farm struc- <br /> tures constructed on a participating farm.' <br /> =!' BENEFITS OF PARTICIPATION ( 2' ' FOR CLASS B, C and D) <br /> 1) No assessment or fee for water and sewer extensions as long <br /> , <br /> as no use is made of the extension by the farmland owner.1 <br /> 2) Disclosure statement required for all land, transfers on tracts <br /> within 600 ft. of a farm unit informing purchasers of the pre- <br /> ferred and pre-existing nature of the agricultural use of the <br /> adjoining tract and the County law assessing plaintiffs with <br /> legal fees for frivolous law suits. <br /> 'Source: General Assembly action would be necessary to permit this benefit. <br /> 38 <br />