Agenda - 08-17-1982 - Laserfiche WebLink

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. . , • Draft 6/10/82 6/14/82 SUGGESTED AMENDMENTS TO THE STATE USE VALUE LAW 105-277.3. AGRICULTURAL, HORTICULTURAL AND FORESTLAND - CLASSIFIC.ATIONS: -(b) In order to come within a classification described in subdivision (a) MI, (2) or (3) above, the property must, if owned by natural personsI, also: (1) Be the onwer's place of residence; or (2) Have been owned by the present owner or by the owner s spouse, siblings, or parents for the four years immediately preceeding January 1 of the year for which I benefit of this section is claimed. I (Existing Statute) (3) Have received benefit of this classification for tax- ation at present-use value for the four yeareimmediately preceeding January 1 of the year for which benefit of this section is claimed. 105-277.4. AGRICULTURAL, HORTICULTURAL AND FORESTLAND - APPLICATICN FOR TAXATION AT PRF-PMT USE VALUE. (Existing Statute) 105-277.5 AGRICULTURAL, HORTICULTURAL AND FORESTLAND - APPLICATION FOR TAXATION AT TS THAN PRESENT USE VALUE. - (a) Property eligible for taxation on the basis of the value of the property in its present use and_participating in an authorized local farm preservation program shall be eligible for taxation based on additional reductions inorepusTivaltle assessment of :Ielmperty.p present use value shall be governed-by procedures provided for in G.S. 105-277.4. 105-277.6 LCCAL FARM PRESERVATION PROGRANS AUTHORIZED. -(a) Counties implementing farm preservation programs which provide for (1) an exclusive a• ±cultural zonin. district or (2) a conservation aareement provided for in G.S. 121-34 et seq., or similar agricultural lands preservation measures, are authorized to provide for additional tax incentives based on •resent use value of the •ro•- to - 'ci.-ting •.na fide fart tracts. Additional tax incentives may be provided for through the establishment of voluntary classes of participation which may include, but not be limited to, the following: Class taxation on the basis of present use value; Class B - taxation on the basis of a110% reduction in the present use value assessment; Class C - taxation on the basis of a 20% reduction in the present use value assessment. I 105.277.7 LCCAL FARM PRESERVATION PROaRAM-OTHER PROWSIONS - farm preservation programs may also provide for, but are not limited to exemption from property tax assessment for new farm structures on bona fide farm tracts: eyenvtion •Prnm the- bnree year roil back period if a participating bona fiee farce tract is sold and remains as .a farm ar4alifyina for use value taxation; . •