Agenda - 08-17-1982 - Laserfiche WebLink

Browse Search

-.0 . . . . . C i _ . ;products produced thereon averaging one thousand dollars ($1,000) per year for each of the three preceeding years, have a sound management plan, and be actively engaged in farming or have a Iminimum of 20 acres of forestland for which a management plan has been prepared. I Lier Legal right to hold property or to have it sold or applied for Payment of a claim. This right runs against the property not the bwner. Lot legally subdivided lot shown on a legally recorded plat and of --- Isuffici ent area and dimensions to meet district requirements for area, width and use, and to provide such setbacks and other open 1 spaces as required. Lot Of Record A lot created by deed or plat prior- to the existence of subdivisions regulations. The area and dimensions of the lot shall Meet any regulationsineffectd; the time the lot was created. Natural Disaster Tornado. hurricane, earthquake of other siiIlat natural events which result in destruction of property or prevent Continued utilization of property in its present use. .North Carolina Preferential Taxation Law General Statutes 105-177.2 4through 105-277.7 providing for the application for taxation , present use value for agricultural, horticultural and forest- land. Market Value What a willing buyer and a willing seller will pay for -- al piece of property given a reasonable knowledge of all the uses to which the property is adapted and for which it is capable of being used. Also referred to as appraised value or true value. ; Oran.e Count Farm Preservation Pro-ram Program aimed at the preser- vation of prime farmland and the protection of agricultural activity i in Orange County as outlined in the Agricultural Task Force Report -and-contained• in ordinance of the same title as the program. Pro- gam provides for four classes of present-use value taxation. 1 Present Use Value Price estimated in terms of money at which the pro- pIrty would change hands between a willing and financially able buyer and a willing seller neither being under any compulsion to buy or sell, assuming that both of them have reasonable knowledge of the capability of the property to produce income in its present use and that the present use of the property is its highest and best use. I Prime and Locally Important Farmland Farmland composed of soils best suited for producing food, feed, fiber,forage and oil seed crops. These soils have good soil qualities, are favor- able for all major crops common to the County, have a favor- able growing season, and they receive the available moisture needed to produce high yields on an average of 8 out of every ( 10Iyears. Prime and locally important farmland also includes all existing farmland in use during the past five years. Prime and locally important farmland is outside of the incorporated limits of incorporated towns. 9 .. . . ii.milmogirdi — --•