Agenda - 05-22-1989 - Laserfiche WebLink

Browse Search

1) All Class B Farm units must participate in the N.C. Farm Preferential Taxation Program. 2) The farm must be covered by a 20-year development rights agreement prohibiting non-farm development on all but three lots meeting minimum Orange County Subdivision and Zoning Standards. Class C: A development rights agreement. (easement) of ten years prohibiting development on all except three lots meeting minimum Orange County Subdivision and Zoning Standards is required. The payback period is the same as existing State law. An added benefit is a ten percent reduction in the use value assessment as the basis for taxation. 1) All Class C Farm units must quality for the N.C. Farm Preferential Taxation Program. 2) The farm must be covered by a 10-year development rights agreement prohibiting non-farm development on all but three lots meeting minimum Orange County Zoning and Subdivision Standards. 3) Tax abatement benefits equal to a reduction in assessment to 90% of use value as a basis for taxation.' 4) The payback period is equivalent to existing State law. Class D: Class D is exactly like Class C except that the development rights agreement (easement) is twenty years, the payback is equivalent to the existing State law and the reduction in property tax assessment would be make of new farm structures constructed on a Class D farm." 1) Farm units must qualify for the N.C. Farm Preferential Taxation Program. 2) The farm must be covered by a 20-year development rights easement prohibiting non-farm, development on all but three lots meeting minimum Orange County Standards. 3) Tax abatement benefit reduction in assessment is equal to 80% of use-value as a basis for taxation.1 4) The payback period is the same as the existing State law. 5) No property tax assessment would be make of new farm structures constructedBarticipati Bn a participating farm.1 1NOTE: General Assembly action would be necessary to permit this benefit.