Orange County NC Website
Browse       Search
6 <br />Exhibit B <br />A BILL TO BE ENTITLED <br />AN ACT TO AUTHORIZE ORANGE COUNTY TO <br />LEVY AN EXCISE TAX ON CONVEYANCES <br />The General Assembly of North Carolina enacts: <br />SECTION 1. Authorization. The Orange County Excise Tax on <br />Conveyances. <br />(a) The Board of Commissioners of Orange County may, by <br />resolution, levy a local excise tax on conveyances at <br />a rate of up to one percent (10) on instruments <br />conveying interests in real property located in Orange <br />County. <br />(b) The tax applies to the consideration or value, <br />whichever is greater, of the interest conveyed, <br />including the value of any lien or encumbrance <br />remaining on the property at the time of sale. The <br />levy of the tax may become effective only on the first <br />day of a calendar month set in the resolution levying <br />the tax, which may not be earlier than the first day <br />of the second succeeding calendar month after the date <br />the resolution is adopted. <br />(c) The Board of Commissioners of Orange County must, upon <br />adoption of a resolution levying a tax under this act, <br />immediately deliver a certified copy of the resolution <br />to the Register of Deeds of Orange County. Upon <br />receipt of the certified copy of the resolution, the <br />Register of Deeds of Orange County shall administer <br />the tax in the County as provided in this act. <br />(d) The tax is in addition to the Excise Stamp Tax on <br />Conveyances levied by Article SE, Chapter 105 of the <br />North Carolina General Statutes. A tax levied under <br />this act does not apply to a transfer exempt from the <br />Excise Stamp Tax on Conveyances, Article 8E, Chapter <br />105 of the North Carolina General Statutes, In <br />addition, the tax does not apply to a transfer to the <br />transferor's spouse, siblings, parents, grandparents, <br />children or grandchildren, A tax levied under this act <br />applies to transfers of interests in real property <br />located in Orange County. If the property is located <br />in two or more counties, a transfer of an interest in <br />the property is taxable under this act only if the <br />greater part of the property, with respect to value, <br />lies in Orange County. <br />