Orange County NC Website
Browse       Search
18,1 GENERAL ASSEMBLY <br /> OF NORTH CAROLINA <br /> SESSION 1985 <br /> RATIFIED BILL <br /> CHAPTER 525 <br /> SENATE RILL 716 <br /> AM ACT TO PERMIT MUNICIPALITIES BORDERING ON THE ATLANTIC OCEAN <br /> TO REGULATE SEWER TIE-OHS WITHIN THEIR CORPORATE LIMITS, AND TO <br /> AUTHORIZE DACE , COUNTY TO LEVY AN EXCISE TAX ON INSTRUMENTS <br /> CONVEYING REAL PROPERTY IN DARE COUNTY. <br /> The General Assembly of North Carolina enacts: <br /> Section 1. Chapter 160A of the General Statutes is <br /> amended by adding a new section to read: <br /> "• 160A-196. sewage ons. --Cities <br /> • <br /> part) are adjacent to, adjoining, that (in whole or in <br /> the Atlantic Ocean � and Pamlico may by or bounded by <br /> the tie-ons to sewage systems within their corporate alimitsg„late <br /> Sec. 2. Tax.. (a) Authorization, <br /> of Commissioners may,' The Dare County Board <br /> instruments conveying certain interests inpreap excise <br /> rt tax on <br /> County. . The tax imposed may not exceed one dollar Dare <br /> each one hundred dollars on <br /> total consideration or value of1 the�interestaconve conveyed, inc including, <br /> the <br /> in the case of a sale, the value of any lien yor�encuabranc <br /> remaining on the property at the time of sale. . This tax ranee <br /> addition to `ax levied by Article BE of Chapter 105 of the <br /> General Statutes. The value of a lease subject to this tax -shall <br /> be computed on the basis of the <br /> present value of the fixed lease <br /> payments and, if the lease <br /> on the lessee's receipts, based in <br /> lessee's <br /> part <br /> receipts. . seep s <br /> (b) Scope. A tax levied under this section applies to <br /> all instruments conveying an interest in real pro ert <br /> County except an instrument: P Y in Dare <br /> ( 1) Conveying an interest in real <br /> United states, the State, orrOParty from t the <br /> subdivision of the State; political <br /> (2) Recording a lease for a term of 10 years or less, <br /> unless: <br /> a• The lease gives the lessee an option to renew <br /> the lease for a period that, when added to the <br /> term of the lease, exceeds the 10-year . <br /> limitation; or <br /> b. . The lease is for substantially the same <br /> property and is between the same <br /> . lease previously recorded , and theatermsofsthe <br /> new lease, when added to that of the previous <br /> lease, exceeds the 10-year <br /> C. The lease requires or permits rthelproperty to <br /> be transferred to the lessee for less than the <br /> fair market value of the property ; <br /> (3) Securing indebtedness; or <br /> (4) Recording a transfer in which no consideration was <br /> paid or is due the transferor by the transferee. <br />