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1 <br />2 <br />3 <br />4 <br />5 <br />6 <br />7 <br />8 <br />9 <br />10 <br />11 <br />12 <br />13 <br />14 <br />15 <br />16 <br />17 <br />18 <br />19 <br />20 <br />21 <br />22 <br />23 <br />24 <br />25 <br />26 <br />S <br />GENERAL ASSEMBLY OF NORTH CAROLINA <br />SESSION 2001 <br />SENATE BILL 145 <br />1 <br />Short Title: Use Value Rollback Modified. (Public) <br />Sponsors: Senators Kinnaird; Albertson, Ballance, Carter, Cunningham, Gulley, <br />Harris, Lee, Metcalf, Purcell, Warren, Weinstein, and Wellons. <br />Referred to: Finance. <br />February 14, 2001 <br />11 <br />A BILL TO BE ENTITLED <br />AN ACT TO ELIMINATE ROLLBACK OF DEFERRED TAXES WHEN USE <br />VALUE PROPERTY IS TRANSFERRED BETWEEN FARMERS, WITHOUT <br />EXTINGUISHING THE LIEN FOR THE DEFERRED TAXES. <br />The General Assembly of North Carolina enacts: <br />SECTION 1. G.S. 105- 277.3(b2) reads as rewritten: <br />l',� "(b2,.�) ,Exception to Ownership Requirements. ��05 277.4(e) provides ,. <br />d ef�P.0 le if land fails to * any een i+ror'T� Of Pr�GTITZT7S <br />ASSII�[ 1. Z1'7— RT"'TT1I'GG�A2t�CVIIQrCIl7 rC'TiRTC <br />e-l—as S If e ion "eoer- ingly, Notwithstanding the provisions of this section,-if- land fails <br />to meet an ownership requirement due to a change of ownership, G.S. 105 2277.4(e) <br />applies. Despite this failth-e and the r-esialting liability fer taxes tinder- G.S. 105 , <br />the land may qualify for classification in the hands of the new owner if it meets both of <br />the conditions listed below. In addition, G.S. 105- 277.4(c) provides that deferred taxes <br />are payable if land fails to meet any condition or requirement for classification. <br />Notwithstanding the provisions of G.S. 105- 277.4(c), if land fails to meet an ownership <br />requirement due to a change of ownership, but the land meets both of the conditions <br />listed below, no deferred taxes are payable under G.S. 105- 277.4(c). The lien for the <br />deferred taxes is not extinguished, however, upon transfer to the new owner, and the <br />deferred taxes remain a lien on the land under G.S. 105- 277.4(c). Land qualifies for the <br />exceptions provided in this subsection if it meets both of the following_ conditions: if <br />beth of the a eendifiens are met, even if the aew ewner- does not Faee�-�� <br />h-ffi&. <br />(1) The land was appraised at its present use value or was eligible for <br />appraisal at its present use value at the time title to the land passed to <br />the new owner. <br />