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GENERAL ASSEMBLY OF NORTH CAROLINA <br /> SESSION 1987 <br /> AN ACT TO AUTHORIZE ORANGE COUNTY TO LEVY AN EXCISE TAX ON <br /> INSTRUMENTS CONVEYING REAL PROPERTY IN ORANGE COUNTY. <br /> The General Assembly of North Carolina enacts: <br /> Section 1. Tax. (a) Authorization. The Orange County <br /> Board of Commissioners may, by resolution, levy an excise tax on <br /> instruments conveying certain interests in real property in <br /> Orange County. The tax imposed may not exceed one dollar ($1.00) <br /> on each one hundred dollars ($100.00) or fraction thereof of the <br /> total consideration or value of the interest conveyed, including <br /> in the case of a sale, the value of any lien or encumbrance <br /> remaining on the property at the time of sale. This tax is in <br /> addition to the tax levied by Article 8E 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 present value of the fixed lease <br /> payments and, if the lease payments are based in whole or in part <br /> on the lessee's receipts, the estimated amount of the lessee's <br /> receipts. <br /> (b) Scope. A tax levied under this section applies to all <br /> instruments conveying an interest in real property in Orange <br /> County except as follows: <br /> (1) The Orange County Board of Commissioners may, by <br /> Resolution, elect to exempt from the tax imposed herein <br /> up to $50,000 in consideration or value of the interest <br /> conveyed in instruments subject to the tax imposed <br /> herein. The exemption election and amount of the <br />