Agenda - 02-04-1991 - Laserfiche WebLink

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7 §105-312 A.D.N=ST; ATTOti of Lfsr71� G §105-312 �`_ ? corrected or a new abstract may be prepared to reflect the discov- p -l- ery. If a new abstract is prepared, it may be filed with the abstracts that were submitted durin g the regular ar listin l g period,-or it may be != =- filed separately with abstracts designated "Late.Listings."•Regard- less of how filed, the listing shall have the same force and effect as if it had been submitted during the regular listing period. - (i) Presumptions. -- When property is discovered and listed to a - taxpayer in any year, it shall be presumed that it should have been listed by the same taxpayer for the preceding five years unless the taxpayer shall produce satisfactory evidence that the property was not in existence, that it was actually listed for taxation, or that it was not his duty to list the property during those years or some of �-- them under the provisions of G.S. 105 -302 and G.S. 105 -306. If it is shown that the property should have been listed by some other ta_- coayer during some or all of the preceding years, the property shall be listed in the name of the appropriate ta- xpayer for the proper years, but the discovery shall still be deemed to have been made as of the date that the assessor first listed it. (g) Taxation of Discovered Property. — When property is discov- ered, it shall be taxed for the year in which discovered and for any of the preceding five years during which it escaped taxation in accordance.w-ith the assessed value it should have been assigned in each of the years for which it is to be taxed and the rate of tax imposed in each such year. The penalties prescribed by subsections (h) and (hl) of this section shall be computed and imposed regard- less of the name in which the discovered property is listed. If the discovery is based upon an understatement of value, quantity, or other measurement rather than an omission from the tax list, the tax shall be computed on the additional valuation fixed upon the property, and the penalties prescribed by subsections (h) and (hl) of this section shall be comuted on the basis of the additional tax. - (h) Computation of Penalties. — Having computed each year's taxes separately as provided in subsection (g), above, there shall be - added a penalty of ten percent (1070) of the amount of the tax for the earliest year in which the property was not listed, plus an addi- tional ten percent (1070) of the same amount for each subsequent listing period that elapsed before the property was discovered. This penalty shall be computed separately for each year in which a fail- : u_re to list occurred; ' and the year, the amount of the tax for that year, and the total of penalties for failure to list in that year includ- ing any penalty imposed under subsection (hl) of this section shall be shown separately on the tax records; but the taxes and penalties _ -_ -_ 'for all years in which there was a failure to list shall be then totalled on a single tax receipt. _ _..:: ,... (hl) If the discovered - property is "a'nioto'r:vehicle and the county assessor determines from records of the Division of Motor Vehicles 'that the owner of the vehicle falsely certified that he listed the . vehicle for property taxes in violation of G.S. 20- 50.2(a)(1), -the county assessor shall add a penalty of $100.00 for failure to list that _vehicle in that county, which penalty shall be in addition to the . :penalties imposed by subsection (h). This- penalty shall be imposed -only for the year in which the discovery is made, regardless of the ' number of listing periods that elapsed before the motor vehicle was discovered, and regardless of whether the owner of the vehicle , falsely certified that he paid taxes on the vehicle in previous years. The civil penalty in this subsection shall not be imposed if the v . 113