Agenda - 02-21-1989 - Laserfiche WebLink

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GENERAL ASSEMBLY OF NORTH CAROLINA SESSION 1989 1 the time of the adoption of the annual budget the rate of tax to b levied per square 2 foot of dwelling space and per square foot of commercial building enclosed floor 3 space for the ensuing fiscal year. Different tax rates may be established for different • 4 types of commercial construction and for dwelling units containing a different 5 number of bedrooms. • 6 Sec. 6. As soon as reasonably practicable after the close of each quarter 7 of the fiscal year, Orange County shall distribute to Chapel Hill and Carrboro 8 seventy-five percent (75%) of the net proceeds of the tax received by the county due 9 to development that has taken place within each respective municipality's corporate 10 limits, extra-territorial planning jurisdiction, and transition area(s), as established in 11 joint planning agreements. As used in this act, the term "net proceeds" means the 12 gross proceeds of the tax less the cost to the county of collecting and administering 13 the tax. 14 Sec. 7. Whenever the sale of real property located in Orange County 15 involves new construction, the seller shall prepare and sign. and the buyer shall 16 receive and sign, a disclosure statement. This disclosure statement shall fully and 17 completely disclose that the owner of the property at the time an occupancy permit is 18 issued for the new construction or, if no occupancy permit is issued, the date the new 19 construction is occupied, may be subject to an -excise tax on the impact of land 20 development. If a seller fails to make such a disclosure and the buyer suffers injury 21 as a result of the seller's failure to disclose, the seller shall be liable to the buyer to 22 the extent of the buyer's injury. 23 Sec. 8. Orange County may repeal an ordinance adopted pursuant to 24 Sections 17-18.1 of Chapter 460 of the 1987 Session Laws. Orange County may not 25 adopt an ordinance pursuant to Sections 17-18.1 of Chapter 460 of the 1987 Session 26 Laws while an ordinance adopted pursuant to this act is in effect. Chapel Hill may 27 repeal an ordinance adopted pursuant to Section 1 of Chapter 936 of the 1985 28 Session Laws. Chapel Hill may not adopt an ordinance pursuant to Section 1 of 29 Chapter 936 of the 1985 Session Laws while an ordinance adopted pursuant to this 30 act is in effect. Carrboro may repeal an ordinance adopted pursuant to Section 2 of 31 Chapter 357 of the 1985 Session Laws. Carrboro may not adopt an ordinance 32 pursuant to Section 2 of Chapter 357 of the 1985 Session Laws while an ordinance 33 adopted pursuant to this act is in effect. 34 Sec. 9. This act shall apply only to Orange County and the 35 municipalities located therein, except for the Town of Hillsborough. Page 4 House Bill 925